International General Insurance (NASDAQ:IGIC) Hits New 52-Week High – Here’s Why

International General Insurance Holdings Ltd. (NASDAQ:IGIC) hit a new 52-week high during trading on Wednesday . The stock traded as high as $19.60 and last traded at $19.39, with a volume of 15599 shares. The stock had previously closed at $19.46.

Analysts Set New Price Targets

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

International General Insurance Stock Up 1.4 %

The company has a market cap of $898.32 million, a PE ratio of 7.67 and a beta of 0.23. The firm’s 50-day moving average is $17.77 and its 200-day moving average is $15.55.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, August 6th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. International General Insurance had a return on equity of 25.74% and a net margin of 23.40%. The firm had revenue of $135.60 million for the quarter.

International General Insurance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Monday, September 2nd were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Friday, August 30th. International General Insurance’s dividend payout ratio (DPR) is presently 3.92%.

Institutional Investors Weigh In On International General Insurance

Several hedge funds have recently added to or reduced their stakes in IGIC. Sei Investments Co. boosted its stake in International General Insurance by 198.4% in the 1st quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock worth $1,629,000 after purchasing an additional 80,000 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of International General Insurance by 35.8% in the first quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock worth $2,216,000 after buying an additional 43,204 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of International General Insurance during the second quarter valued at approximately $411,000. Marshall Wace LLP grew its holdings in shares of 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 buying an additional 67,809 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new position in International General Insurance in the 2nd quarter worth approximately $152,000. 54.24% of the stock is owned by institutional investors.

About International General Insurance

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.