Victory Capital Management Inc. Makes New Investment in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Victory Capital Management Inc. bought a new stake in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 16,325 shares of the company’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds have also modified their holdings of IGIC. PEAK6 Investments LLC boosted its position in International General Insurance by 33.8% during the first quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock valued at $541,000 after purchasing an additional 10,083 shares during the last quarter. Simplicity Wealth LLC acquired a new position in International General Insurance in the second quarter worth approximately $152,000. Virtu Financial LLC bought a new position in International General Insurance during the first quarter valued at approximately $209,000. Quadrature Capital Ltd lifted its stake in International General Insurance by 27.7% in the fourth quarter. Quadrature Capital Ltd now owns 120,636 shares of the company’s stock valued at $1,554,000 after acquiring an additional 26,190 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in International General Insurance by 35.8% in the first quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock worth $2,216,000 after acquiring an additional 43,204 shares in the last quarter. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Royal Bank of Canada lifted their price objective on shares of International General Insurance from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th.

International General Insurance Stock Performance

Shares of NASDAQ IGIC opened at $19.12 on Tuesday. The business’s 50-day simple moving average is $17.14 and its 200-day simple moving average is $15.04. International General Insurance Holdings Ltd. has a 52 week low of $10.68 and a 52 week high of $19.60. The firm has a market cap of $880.93 million, a price-to-earnings ratio of 7.08 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. International General Insurance had a net margin of 23.40% and a return on equity of 25.74%. The business had revenue of $135.60 million during the quarter.

International General Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Monday, September 2nd were paid a $0.025 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.52%. International General Insurance’s payout ratio is presently 3.70%.

About International General Insurance

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.