International General Insurance (NASDAQ:IGIC) Price Target Raised to $32.00

International General Insurance (NASDAQ:IGIC) had its price target hoisted by Oppenheimer from $30.00 to $32.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

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

International General Insurance Stock Performance

International General Insurance stock opened at $26.09 on Thursday. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 8.53 and a beta of 0.27. International General Insurance has a fifty-two week low of $11.51 and a fifty-two week high of $27.76. The stock’s fifty day moving average is $24.97 and its two-hundred day moving average is $22.39.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. The company had revenue of $135.20 million for the quarter, compared to analyst estimates of $136.20 million. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. As a group, sell-side analysts forecast that International General Insurance will post 3.18 EPS for the current fiscal year.

Hedge Funds Weigh In On International General Insurance

Several large investors have recently added to or reduced their stakes in the business. Shay Capital LLC lifted its position in International General Insurance by 13.1% during the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock worth $5,388,000 after buying an additional 26,210 shares during the period. Diamond Hill Capital Management Inc. lifted its position in International General Insurance by 8.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 190,563 shares of the company’s stock worth $4,528,000 after buying an additional 14,890 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its position in International General Insurance by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,825 shares of the company’s stock worth $4,510,000 after buying an additional 525 shares during the period. Renaissance Technologies LLC lifted its position in International General Insurance by 22.2% during the fourth quarter. Renaissance Technologies LLC now owns 115,500 shares of the company’s stock worth $2,744,000 after buying an additional 21,000 shares during the period. Finally, Sowell Financial Services LLC purchased a new position in International General Insurance during the fourth quarter worth about $2,233,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

International General Insurance Company Profile

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.