PNC Financial Services Group Inc. Buys 5,792 Shares of International General Insurance Holdings Ltd. $IGIC

PNC Financial Services Group Inc. grew its stake in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 93.3% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 12,000 shares of the company’s stock after buying an additional 5,792 shares during the period. PNC Financial Services Group Inc.’s holdings in International General Insurance were worth $288,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. New Vernon Investment Management LLC increased its stake in International General Insurance by 1,293.5% during the first quarter. New Vernon Investment Management LLC now owns 59,267 shares of the company’s stock valued at $1,559,000 after acquiring an additional 55,014 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of International General Insurance by 13.0% during the 1st quarter. Russell Investments Group Ltd. now owns 409,043 shares of the company’s stock worth $10,762,000 after purchasing an additional 46,961 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in shares of International General Insurance by 19.3% during the first quarter. Atria Wealth Solutions Inc. now owns 72,750 shares of the company’s stock valued at $1,914,000 after purchasing an additional 11,750 shares during the period. Invesco Ltd. raised its stake in shares of International General Insurance by 33.6% in the first quarter. Invesco Ltd. now owns 43,599 shares of the company’s stock valued at $1,147,000 after purchasing an additional 10,954 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of International General Insurance in the first quarter valued at $252,000. 54.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

International General Insurance Price Performance

International General Insurance stock opened at $24.06 on Thursday. The business has a 50 day simple moving average of $22.92 and a 200 day simple moving average of $23.43. The company has a market capitalization of $1.07 billion, a PE ratio of 8.72 and a beta of 0.23. International General Insurance Holdings Ltd. has a one year low of $20.82 and a one year high of $27.76.

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

International General Insurance declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, November 5th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

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.