Oppenheimer Forecasts Strong Price Appreciation for International General Insurance (NASDAQ:IGIC) Stock

International General Insurance (NASDAQ:IGIC) had its price target increased by analysts at Oppenheimer from $30.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 20.39% from the stock’s current price.

Separately, Royal Bank of Canada upped their price objective on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, November 7th.

International General Insurance Price Performance

Shares of International General Insurance stock opened at $26.58 on Thursday. International General Insurance has a 1-year low of $11.51 and a 1-year high of $27.76. The stock has a market cap of $1.22 billion, a P/E ratio of 8.69 and a beta of 0.27. The stock’s 50 day simple moving average is $24.89 and its 200-day simple moving average is $22.25.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $135.20 million for the quarter, compared to the consensus estimate of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. As a group, research analysts expect that International General Insurance will post 3.18 EPS for the current fiscal year.

Institutional Investors Weigh In On International General Insurance

A number of institutional investors have recently made changes to their positions in IGIC. Diamond Hill Capital Management Inc. acquired a new stake in shares of International General Insurance in the third quarter valued at $3,338,000. Sowell Financial Services LLC acquired a new stake in shares of International General Insurance during the fourth quarter worth about $2,233,000. Deroy & Devereaux Private Investment Counsel Inc. grew its holdings in shares of International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after purchasing an additional 45,455 shares in the last quarter. Franklin Resources Inc. acquired a new stake in International General Insurance during the 4th quarter worth approximately $830,000. Finally, Navellier & Associates Inc. boosted its position in International General Insurance by 73.4% in the 4th quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after buying an additional 26,311 shares during the period. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.