International General Insurance (NASDAQ:IGIC) Shares Gap Up – What’s Next?

International General Insurance Holdings Ltd. (NASDAQ:IGICGet Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $24.54, but opened at $25.55. International General Insurance shares last traded at $25.77, with a volume of 18,373 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IGIC. Oppenheimer began coverage on shares of International General Insurance in a research report on Thursday. They set an “outperform” rating and a $30.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th.

Check Out Our Latest Analysis on International General Insurance

International General Insurance Stock Performance

The company has a market cap of $1.21 billion, a PE ratio of 8.52 and a beta of 0.21. The business’s 50-day moving average is $20.64 and its 200 day moving average is $17.29.

International General Insurance (NASDAQ:IGICGet Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The company had revenue of $138.10 million for the quarter.

International General Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.025 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $0.10 dividend on an annualized basis and a yield of 0.38%. International General Insurance’s dividend payout ratio is currently 3.27%.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds have recently modified their holdings of the company. Simplicity Wealth LLC bought a new position in shares of International General Insurance during the second quarter worth $152,000. LSV Asset Management purchased a new position in International General Insurance in the 2nd quarter worth about $179,000. Virtu Financial LLC purchased a new position in International General Insurance in the 1st quarter worth about $209,000. Victory Capital Management Inc. bought a new position in International General Insurance during the 2nd quarter worth about $229,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of International General Insurance in the 3rd quarter valued at about $265,000. 54.24% of the stock is currently owned by institutional investors.

International General Insurance Company Profile

(Get Free Report)

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.

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