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International General Insurance Holdings Ltd. (IGIC) shares soared 5.4% in the last trading session to close at $27.01. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.6% loss over the past four weeks.
The upside likely has been driven by board’s approval of an extraordinary cash dividend reflecting solid operational expertise. It covers a mix of mature and high-growth, under-represented geographies covering a mix of mature and high-growth, under-represented geographies.
This specialty insurer remains focused on building out US/European business and capitalize on market opportunities while diversifying business to accelerate growth bodes well.
It aims to lower volatility and catastrophe exposure by prudently using reinsurance and boasts zero financial leverage.
This company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of -34.8%. Revenues are expected to be $135.5 million, up 4.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For International General Insurance, the consensus EPS estimate for the quarter has been revised 9.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on IGIC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
International General Insurance belongs to the Zacks Insurance - Multi line industry. Another stock from the same industry, Old Republic International (ORI), closed the last trading session 0.2% higher at $37.77. Over the past month, ORI has returned 3%.
For Old Republic , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.73. This represents a change of +9% from what the company reported a year ago. Old Republic currently has a Zacks Rank of #2 (Buy).
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International General Insurance Holdings Ltd. (IGIC) : Free Stock Analysis Report