Geode Capital Management LLC Has $530,000 Stock Holdings in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Geode Capital Management LLC raised its stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 3.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,877 shares of the company’s stock after buying an additional 859 shares during the period. Geode Capital Management LLC owned 0.06% of International General Insurance worth $530,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in IGIC. Victory Capital Management Inc. acquired a new stake in International General Insurance in the second quarter valued at approximately $229,000. Sei Investments Co. boosted its position in International General Insurance by 112.5% in the second quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock valued at $3,580,000 after buying an additional 135,400 shares in the last quarter. Interval Partners LP boosted its position in International General Insurance by 15.5% in the second quarter. Interval Partners LP now owns 114,650 shares of the company’s stock valued at $1,605,000 after buying an additional 15,379 shares in the last quarter. Marshall Wace LLP boosted its position in International General Insurance by 276.8% in the second quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock valued at $1,292,000 after buying an additional 67,809 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in International General Insurance in the second quarter valued at approximately $411,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Oppenheimer assumed coverage on shares of International General Insurance in a research report on Thursday, November 21st. They issued an “outperform” rating and a $30.00 target price on the stock. Royal Bank of Canada raised their price target on shares of International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Stock Performance

IGIC stock opened at $23.08 on Friday. The company has a fifty day moving average price of $24.48 and a 200-day moving average price of $19.95. The company has a market capitalization of $1.06 billion, a P/E ratio of 7.54 and a beta of 0.27. International General Insurance Holdings Ltd. has a 52-week low of $11.51 and a 52-week high of $27.00.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.11. The firm had revenue of $138.10 million during the quarter. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. As a group, sell-side analysts forecast that International General Insurance Holdings Ltd. will post 2.91 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd were paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Tuesday, December 3rd. International General Insurance’s payout ratio is currently 3.27%.

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.