Navellier & Associates Inc. Sells 27,138 Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Navellier & Associates Inc. trimmed its position in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 43.1% in the third quarter, Holdings Channel reports. The fund owned 35,846 shares of the company’s stock after selling 27,138 shares during the quarter. Navellier & Associates Inc.’s holdings in International General Insurance were worth $681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. PEAK6 Investments LLC lifted its stake in shares of International General Insurance by 33.8% in the first quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock valued at $541,000 after buying an additional 10,083 shares during the period. Simplicity Wealth LLC bought a new stake in shares of International General Insurance in the second quarter valued at about $152,000. LSV Asset Management bought a new stake in shares of International General Insurance in the second quarter valued at about $179,000. Interval Partners LP lifted its stake in shares of 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 during the period. Finally, Virtu Financial LLC bought a new stake in shares of International General Insurance in the first quarter valued at about $209,000. 54.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on IGIC shares. Oppenheimer started coverage on shares of International General Insurance in a research note on Thursday. They issued an “outperform” rating and a $30.00 target price for the company. Royal Bank of Canada raised their price target on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Stock Up 6.0 %

Shares of IGIC opened at $26.02 on Friday. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 8.50 and a beta of 0.21. International General Insurance Holdings Ltd. has a 12 month low of $11.46 and a 12 month high of $26.93. The company has a 50-day moving average price of $20.81 and a two-hundred day moving average price of $17.35.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.11. The company 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%.

International General Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend is Tuesday, December 3rd. International General Insurance’s payout ratio is 3.27%.

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.