International General Insurance (NASDAQ:IGIC) Sets New 52-Week High – Time to Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $19.69 and last traded at $19.69, with a volume of 63462 shares trading hands. The stock had previously closed at $19.11.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada raised their price target on International General Insurance from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th.

International General Insurance Trading Up 7.1 %

The stock has a market cap of $972.16 million, a price-to-earnings ratio of 7.81 and a beta of 0.23. The firm’s 50 day moving average is $18.53 and its two-hundred day moving average is $16.00.

International General Insurance (NASDAQ:IGIC) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $135.60 million for the quarter. International General Insurance had a net margin of 23.40% and a return on equity of 25.74%.

International General Insurance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Monday, September 2nd were given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Friday, August 30th. International General Insurance’s dividend payout ratio is currently 3.70%.

Hedge Funds Weigh In On International General Insurance

Several large investors have recently added to or reduced their stakes in IGIC. Exchange Traded Concepts LLC purchased a new position in International General Insurance during the third quarter worth approximately $303,000. Mackenzie Financial Corp acquired a new stake in shares of International General Insurance during the 2nd quarter worth $411,000. Marshall Wace LLP grew its position in International General Insurance by 276.8% during the second quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock valued at $1,292,000 after acquiring an additional 67,809 shares during the period. Interval Partners LP grew its holdings in shares of International General Insurance by 15.5% during the 2nd quarter. Interval Partners LP now owns 114,650 shares of the company’s stock worth $1,605,000 after purchasing an additional 15,379 shares during the period. Finally, Sei Investments Co. grew its stake in International General Insurance by 112.5% during the second quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock worth $3,580,000 after buying an additional 135,400 shares during the period. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

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.