Royce & Associates LP Lowers Stock Holdings in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Royce & Associates LP lowered its stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 21.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,393,959 shares of the company’s stock after selling 670,833 shares during the quarter. Royce & Associates LP owned about 0.05% of International General Insurance worth $56,880,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. ORG Wealth Partners LLC purchased a new stake in International General Insurance in the 4th quarter worth $60,000. PNC Financial Services Group Inc. bought a new position in International General Insurance during the 4th quarter valued at about $95,000. Geneos Wealth Management Inc. bought a new position in International General Insurance during the 4th quarter valued at about $177,000. Kingsview Wealth Management LLC bought a new position in International General Insurance during the 3rd quarter valued at about $265,000. Finally, JPMorgan Chase & Co. grew its stake in International General Insurance by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock worth $320,000 after purchasing an additional 3,562 shares in the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IGIC. Oppenheimer lifted their target price on International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Royal Bank of Canada boosted their target price on International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th.

International General Insurance Stock Performance

International General Insurance stock opened at $25.68 on Friday. The business’s 50-day simple moving average is $25.17 and its two-hundred day simple moving average is $22.95. The company has a market cap of $1.18 billion, a PE ratio of 8.39 and a beta of 0.26. International General Insurance Holdings Ltd. has a fifty-two week low of $12.76 and a fifty-two week high of $27.76.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.01. The business had revenue of $135.20 million during the quarter, compared to analysts’ expectations of $136.20 million. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. As a group, analysts predict that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

International General Insurance Profile

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.