International General Insurance (NASDAQ:IGIC) Reaches New 12-Month High Following Strong Earnings

International General Insurance Holdings Ltd. (NASDAQ:IGIC) reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $27.76 and last traded at $27.33, with a volume of 33039 shares. The stock had previously closed at $26.37.

The company reported $0.89 earnings per share (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 during the quarter, compared to the consensus estimate of $136.20 million.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Oppenheimer initiated coverage on International General Insurance in a report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price objective on the stock. Royal Bank of Canada boosted their price target on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th.

Institutional Trading of International General Insurance

Several institutional investors and hedge funds have recently bought and sold shares of the stock. ORG Wealth Partners LLC bought a new stake in shares of International General Insurance during the fourth quarter valued at approximately $60,000. Quantbot Technologies LP purchased a new position in shares of International General Insurance during the fourth quarter valued at approximately $87,000. PNC Financial Services Group Inc. bought a new stake in shares of International General Insurance in the 4th quarter worth approximately $95,000. State of Wyoming bought a new stake in International General Insurance in the fourth quarter worth $107,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of International General Insurance during the fourth quarter valued at $177,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

International General Insurance Trading Up 3.6 %

The stock’s 50 day moving average is $24.83 and its 200-day moving average is $22.22. The company has a market cap of $1.26 billion, a P/E ratio of 8.93 and a beta of 0.27.

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.