International General Insurance (NASDAQ:IGIC) Sets New 52-Week High – Time to Buy?

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) hit a new 52-week high on Thursday . The stock traded as high as $19.69 and last traded at $19.69, with a volume of 63462 shares trading hands. The stock had previously closed at $19.11.

Analysts Set New Price Targets

Separately, Royal Bank of Canada upped their price target on 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 firm has a market capitalization of $972.16 million, a price-to-earnings ratio of 7.81 and a beta of 0.23. The business’s 50 day moving average price is $18.53 and its 200-day moving average price is $16.00.

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

International General Insurance Announces Dividend

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 dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.10 annualized dividend and a yield of 0.47%. International General Insurance’s payout ratio is currently 3.70%.

Institutional Investors Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in International General Insurance in the 2nd quarter valued at approximately $2,014,000. Sei Investments Co. increased its position 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 valued at $3,580,000 after buying an additional 135,400 shares in the last quarter. Marshall Wace LLP raised 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 buying an additional 67,809 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of International General Insurance by 35.1% in the 2nd quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock worth $3,095,000 after buying an additional 57,399 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in International General Insurance in the 2nd quarter valued at about $411,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.