International General Insurance (NASDAQ:IGIC) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

International General Insurance (NASDAQ:IGIC) announced its quarterly earnings results on Tuesday. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01, Zacks reports. International General Insurance had a net margin of 20.68% and a return on equity of 17.03%.

International General Insurance Trading Up 0.7%

NASDAQ:IGIC traded up $0.17 during mid-day trading on Tuesday, hitting $25.02. 69,876 shares of the company’s stock were exchanged, compared to its average volume of 73,323. The company has a 50 day simple moving average of $25.23 and a 200-day simple moving average of $25.56. International General Insurance has a fifty-two week low of $21.00 and a fifty-two week high of $29.58. The firm has a market capitalization of $1.07 billion, a P/E ratio of 10.05 and a beta of 0.04.

Analyst Ratings Changes

Several research firms recently weighed in on IGIC. Zacks Research downgraded International General Insurance from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Royal Bank Of Canada upped their target price on International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Weiss Ratings upgraded International General Insurance from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, International General Insurance has an average rating of “Hold” and an average target price of $30.00.

International General Insurance Company Profile

International General Insurance Holdings Ltd. (NASDAQ: IGIC) is a specialty insurance and reinsurance company that underwrites risks for commercial clients, brokers and other insurers. The company focuses on complex and specialized lines of business rather than broad consumer insurance products.

Its offerings include energy, property, engineering, marine, aviation, casualty, political violence and other specialty insurance products, along with treaty and facultative reinsurance. Coverage is designed for businesses and industries that may require tailored underwriting and risk-management solutions.

International General Insurance was established in 2001 and serves clients and insurance partners across international markets through underwriting operations in locations including Bermuda, London and Jordan.