International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Update

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the target of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 120,000 shares, a growth of 169.7% from the October 15th total of 44,500 shares. Based on an average daily volume of 95,400 shares, the short-interest ratio is currently 1.3 days. Currently, 0.8% of the shares of the company are short sold.

International General Insurance Price Performance

Shares of NASDAQ IGIC opened at $24.87 on Wednesday. The stock has a market capitalization of $1.14 billion, a PE ratio of 8.13 and a beta of 0.21. International General Insurance has a fifty-two week low of $10.85 and a fifty-two week high of $25.50. The business has a fifty day moving average price of $19.66 and a two-hundred day moving average price of $16.75.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The firm had revenue of $138.10 million for the quarter.

International General Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd were given a $0.025 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.10 dividend on an annualized basis and a yield of 0.40%. International General Insurance’s dividend payout ratio is currently 3.27%.

Institutional Investors Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Simplicity Wealth LLC bought a new position in shares of International General Insurance during the second quarter worth about $152,000. LSV Asset Management acquired a new position in International General Insurance during the second quarter worth $179,000. Virtu Financial LLC bought a new position in shares of International General Insurance in the first quarter valued at $209,000. Victory Capital Management Inc. acquired a new position in International General Insurance during the 2nd quarter valued at about $229,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of International General Insurance during the third quarter valued at approximately $265,000. Institutional investors own 54.24% of the company’s stock.

Analysts Set New Price Targets

Separately, Royal Bank of Canada increased their target price on International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th.

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.