International General Insurance (NASDAQ:IGIC) Sets New 12-Month High – Here’s What Happened

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $23.38 and last traded at $23.08, with a volume of 84653 shares. The stock had previously closed at $22.39.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada lifted their price target on shares of International General Insurance from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th.

International General Insurance Price Performance

The stock has a fifty day moving average price of $18.76 and a two-hundred day moving average price of $16.16. The company has a market cap of $1.05 billion, a P/E ratio of 8.78 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. International General Insurance had a return on equity of 25.74% and a net margin of 23.40%. The business had revenue of $135.60 million during the quarter.

International General Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd were given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.44%. The ex-dividend date was Friday, August 30th. International General Insurance’s dividend payout ratio is currently 3.92%.

Hedge Funds Weigh In On International General Insurance

Institutional investors have recently added to or reduced their stakes in the company. PEAK6 Investments LLC increased its position in International General Insurance by 33.8% in the first quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock worth $541,000 after purchasing an additional 10,083 shares during the period. Simplicity Wealth LLC acquired a new position in International General Insurance during the 2nd quarter worth approximately $152,000. LSV Asset Management acquired a new stake in International General Insurance in the 2nd quarter valued at $179,000. Interval Partners LP raised its holdings in International General Insurance by 15.5% during the second quarter. Interval Partners LP now owns 114,650 shares of the company’s stock worth $1,605,000 after acquiring an additional 15,379 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of International General Insurance in the 1st quarter valued at approximately $209,000. 54.24% of the stock is owned by institutional investors.

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.