Franklin Resources Inc. Takes $830,000 Position in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Franklin Resources Inc. bought a new position in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 34,940 shares of the company’s stock, valued at approximately $830,000. Franklin Resources Inc. owned 0.08% of International General Insurance at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sowell Financial Services LLC bought a new stake in shares of International General Insurance in the 4th quarter worth $2,233,000. Navellier & Associates Inc. raised its position in shares of 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 purchasing an additional 26,311 shares during the period. LPL Financial LLC bought a new stake in International General Insurance during the 4th quarter valued at approximately $554,000. Tidal Investments LLC bought a new stake in shares of International General Insurance during the third quarter valued at approximately $372,000. Finally, Virtu Financial LLC purchased a new stake in International General Insurance in the 4th quarter worth $427,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IGIC shares. Oppenheimer lifted their target price on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Royal Bank of Canada increased their price target on International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th.

International General Insurance Stock Down 0.8 %

Shares of IGIC opened at $24.58 on Thursday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 8.03 and a beta of 0.05. International General Insurance Holdings Ltd. has a 52 week low of $12.83 and a 52 week high of $27.76. The stock’s 50-day moving average price is $25.40 and its 200-day moving average price is $24.03.

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

International General Insurance Announces Dividend

The firm also recently announced a — dividend, which will be paid on Tuesday, April 22nd. Stockholders of record on Friday, April 4th will be given a $0.85 dividend. This represents a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, April 4th. International General Insurance’s dividend payout ratio (DPR) is 3.34%.

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.