Stock Repurchase Program Approved by International General Insurance (NASDAQ:IGIC) Board

International General Insurance (NASDAQ:IGIC) declared that its board has authorized a share repurchase plan on Wednesday, November 5th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

International General Insurance Stock Performance

NASDAQ IGIC opened at $21.93 on Friday. International General Insurance has a 52-week low of $20.82 and a 52-week high of $27.76. The company has a 50-day simple moving average of $23.09 and a 200 day simple moving average of $23.53. The company has a market capitalization of $978.74 million, a PE ratio of 7.95 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC) last released its earnings results on Tuesday, November 4th. The company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). International General Insurance had a net margin of 23.76% and a return on equity of 18.36%. The company had revenue of $128.60 million during the quarter, compared to analysts’ expectations of $135.40 million. As a group, analysts forecast that International General Insurance will post 3.18 EPS for the current fiscal year.

International General Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Monday, September 1st were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, August 29th. International General Insurance’s dividend payout ratio (DPR) is currently 7.25%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of International General Insurance in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $31.50.

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.