International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – Still a Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw an uptick in trading volume on Monday . 175,156 shares traded hands during trading, an increase of 68% from the previous session’s volume of 104,275 shares.The stock last traded at $23.54 and had previously closed at $23.90.

Wall Street Analyst Weigh In

A number of research analysts recently commented on IGIC shares. Oppenheimer assumed coverage on International General Insurance in a report on Thursday, November 21st. They issued an “outperform” rating and a $30.00 price target on the stock. Royal Bank of Canada boosted their target price on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th.

International General Insurance Stock Down 0.2 %

The stock has a market capitalization of $1.10 billion, a P/E ratio of 7.84 and a beta of 0.27. The company has a fifty day moving average price of $24.42 and a 200-day moving average price of $19.83.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The business had revenue of $138.10 million for the quarter. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. As a group, research analysts expect that International General Insurance Holdings Ltd. will post 2.91 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd were given a dividend of $0.025 per share. The ex-dividend date was Tuesday, December 3rd. This represents a $0.10 annualized dividend and a yield of 0.42%. International General Insurance’s dividend payout ratio (DPR) is currently 3.27%.

Institutional Investors Weigh In On International General Insurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. purchased a new stake in International General Insurance in the 3rd quarter worth about $3,338,000. Sei Investments Co. raised its holdings in shares of International General Insurance by 112.5% in the second quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock worth $3,580,000 after buying an additional 135,400 shares during the period. Marshall Wace LLP lifted its stake in shares of International General Insurance by 276.8% during the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after acquiring an additional 67,809 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in International General Insurance by 35.1% during the 2nd quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock valued at $3,095,000 after acquiring an additional 57,399 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its position in International General Insurance by 31.6% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after acquiring an additional 45,455 shares during the last quarter. 54.24% of the stock is currently owned by hedge funds and other 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.