International General Insurance (NASDAQ:IGIC) Shares Up 4.7% After Dividend Announcement

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) rose 4.7% during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $26.41 and last traded at $26.83. Approximately 6,925 shares changed hands during trading, a decline of 92% from the average daily volume of 88,336 shares. The stock had previously closed at $25.63.

The newly announced dividend which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be issued a dividend of $0.85 per share. The ex-dividend date is Friday, April 4th. This represents a yield of 0.4%. International General Insurance’s payout ratio is 3.34%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IGIC shares. Oppenheimer raised their target price on shares of International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th. Royal Bank of Canada raised their price objective on International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th.

International General Insurance Stock Down 2.9 %

The stock’s 50 day moving average is $25.40 and its two-hundred day moving average is $23.19. The company has a market capitalization of $1.21 billion, a PE ratio of 8.57 and a beta of 0.26.

International General Insurance (NASDAQ:IGIC) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01. The firm had revenue of $135.20 million during the quarter, compared to analysts’ expectations of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. On average, sell-side analysts predict that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

Institutional Trading of International General Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sowell Financial Services LLC bought a new position in shares of International General Insurance in the 4th quarter worth $2,233,000. Franklin Resources Inc. bought a new position in International General Insurance in the fourth quarter worth about $830,000. Navellier & Associates Inc. raised its holdings in International General Insurance by 73.4% in the fourth quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock worth $1,477,000 after purchasing an additional 26,311 shares in the last quarter. Shay Capital LLC lifted its position in shares of International General Insurance by 13.1% during the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock valued at $5,388,000 after buying an additional 26,210 shares during the last quarter. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of International General Insurance in the 4th quarter worth approximately $605,000. Institutional investors own 54.24% of the company’s stock.

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.