International General Insurance (NASDAQ:IGIC) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of International General Insurance (NASDAQ:IGIC) in a research report report published on Thursday, Marketbeat.com reports. The brokerage issued an outperform rating and a $30.00 price target on the stock.

Separately, Royal Bank of Canada lifted 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 note on Thursday, November 7th.

International General Insurance Stock Up 3.3 %

NASDAQ IGIC traded up $0.86 during trading hours on Thursday, reaching $26.88. The company’s stock had a trading volume of 47,900 shares, compared to its average volume of 79,955. International General Insurance has a 1 year low of $11.46 and a 1 year high of $27.00. The firm’s 50-day moving average price is $20.81 and its 200-day moving average price is $17.35. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 8.50 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, beating the consensus estimate 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 Announces Dividend

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 0.37%. International General Insurance’s dividend payout ratio (DPR) is presently 3.27%.

Institutional Trading of International General Insurance

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