International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – Should You Buy?

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw unusually-strong trading volume on Monday . Approximately 75,212 shares changed hands during mid-day trading, an increase of 8% from the previous session’s volume of 69,356 shares.The stock last traded at $22.40 and had previously closed at $21.10.

Analyst Ratings Changes

Separately, Royal Bank of Canada lifted their price target on 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 Trading Up 6.1 %

The company’s 50-day simple moving average is $18.53 and its 200-day simple moving average is $16.03. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 8.76 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The company 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 Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 0.45%. International General Insurance’s dividend payout ratio (DPR) is 3.92%.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently made changes to their positions in IGIC. Exchange Traded Concepts LLC bought a new position in International General Insurance during the third quarter worth $303,000. Mackenzie Financial Corp acquired a new stake in International General Insurance during the 2nd quarter worth about $411,000. Marshall Wace LLP raised its position in shares of International General Insurance by 276.8% in the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after acquiring an additional 67,809 shares in the last quarter. Interval Partners LP lifted its stake in shares of International General Insurance by 15.5% in the 2nd quarter. Interval Partners LP now owns 114,650 shares of the company’s stock valued at $1,605,000 after purchasing an additional 15,379 shares during the period. Finally, Sei Investments Co. boosted its position in shares of International General Insurance by 112.5% during the 2nd quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock valued at $3,580,000 after purchasing an additional 135,400 shares in the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

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.