International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Large Increase in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 55,800 shares, an increase of 365.0% from the September 15th total of 12,000 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 75,800 shares, the short-interest ratio is presently 0.7 days.

Institutional Investors Weigh In On International General Insurance

Several institutional investors have recently added to or reduced their stakes in the business. Simplicity Wealth LLC acquired a new stake in shares of International General Insurance in the second quarter valued at approximately $152,000. LSV Asset Management purchased a new position in International General Insurance during the 2nd quarter worth $179,000. Virtu Financial LLC purchased a new position in International General Insurance during the 1st quarter worth $209,000. Victory Capital Management Inc. acquired a new position in International General Insurance in the second quarter valued at $229,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of International General Insurance during the third quarter worth about $303,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada upped their price objective on shares of 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 1.4 %

IGIC traded up $0.27 during mid-day trading on Friday, hitting $19.55. 44,898 shares of the stock were exchanged, compared to its average volume of 67,336. The firm’s fifty day moving average is $17.84 and its two-hundred day moving average is $15.59. International General Insurance has a 1-year low of $10.72 and a 1-year high of $19.69. The company has a market cap of $898.32 million, a PE ratio of 7.67 and a beta of 0.23.

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

International General Insurance Announces Dividend

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 dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.10 annualized dividend and a dividend yield of 0.51%. International General Insurance’s dividend payout ratio is currently 3.92%.

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.