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

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) 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. The stock had previously closed at $19.11.

Wall Street Analysts Forecast Growth

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

International General Insurance Stock Performance

The company has a market cap of $906.59 million, a price-to-earnings ratio of 7.72 and a beta of 0.23. The company’s 50 day moving average price is $18.38 and its 200 day moving average price is $15.92.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping 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 company had revenue of $135.60 million for the quarter.

International General Insurance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd were paid a $0.025 dividend. 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 is currently 3.92%.

Hedge Funds Weigh In On International General Insurance

Several hedge funds have recently bought and sold shares of the company. Sei Investments Co. raised its holdings in International General Insurance by 112.5% during the 2nd quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock worth $3,580,000 after purchasing an additional 135,400 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of International General Insurance by 35.1% in the second quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock valued at $3,095,000 after purchasing an additional 57,399 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in International General Insurance during the second quarter valued at $2,014,000. Interval Partners LP lifted its stake in International General Insurance by 15.5% during the second 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 last quarter. Finally, Marshall Wace LLP lifted its stake in International General Insurance by 276.8% during the second quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after purchasing an additional 67,809 shares during the last quarter. 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.