International General Insurance (NASDAQ:IGIC) Reaches New 1-Year High – Should You Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $27.11 and last traded at $26.91, with a volume of 4755 shares trading hands. The stock had previously closed at $26.77.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Royal Bank of Canada raised their target price on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Oppenheimer began coverage on International General Insurance in a research note on Thursday, November 21st. They set an “outperform” rating and a $30.00 price target for the company.

International General Insurance Stock Performance

The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 8.70 and a beta of 0.27. The business has a 50 day simple moving average of $24.66 and a 200-day simple moving average of $21.88.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds have recently added to or reduced their stakes in IGIC. ORG Wealth Partners LLC acquired a new position in International General Insurance during the 4th quarter valued at about $60,000. Quantbot Technologies LP bought a new position in shares of International General Insurance during the 4th quarter worth approximately $87,000. PNC Financial Services Group Inc. bought a new position in shares of International General Insurance during the 4th quarter worth approximately $95,000. State of Wyoming bought a new position in shares of International General Insurance during the 4th quarter worth approximately $107,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of International General Insurance during the 4th quarter worth approximately $177,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.