PNC Financial Services Group Inc. Takes Position in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

PNC Financial Services Group Inc. purchased a new stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC) during the 4th quarter, HoldingsChannel reports. The firm purchased 4,000 shares of the company’s stock, valued at approximately $95,000.

A number of other hedge funds have also added to or reduced their stakes in IGIC. Geode Capital Management LLC lifted its position in shares of International General Insurance by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock worth $530,000 after purchasing an additional 859 shares during the period. Navellier & Associates Inc. boosted its position in International General Insurance by 73.4% during the 4th quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after acquiring an additional 26,311 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of International General Insurance by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock worth $320,000 after acquiring an additional 3,562 shares during the period. Geneos Wealth Management Inc. bought a new position in shares of International General Insurance in the 4th quarter worth approximately $177,000. Finally, Tidal Investments LLC purchased a new position in shares of International General Insurance in the 3rd quarter valued at approximately $372,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

International General Insurance Trading Down 2.3 %

International General Insurance stock opened at $26.27 on Wednesday. International General Insurance Holdings Ltd. has a 12 month low of $12.83 and a 12 month high of $27.76. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 8.58 and a beta of 0.26. The business’s fifty day simple moving average is $25.51 and its two-hundred day simple moving average is $23.38.

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

International General Insurance Dividend Announcement

The company also recently disclosed a — dividend, which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be issued a $0.85 dividend. The ex-dividend date is Friday, April 4th. This represents a yield of 0.4%. International General Insurance’s payout ratio is currently 3.34%.

Analysts Set New Price Targets

IGIC has been the subject of a number of research reports. Royal Bank of Canada increased their price objective on International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Oppenheimer lifted their price target on shares of International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th.

International General Insurance Company 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.