International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – What’s Next?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares saw unusually-high trading volume on Wednesday . Approximately 71,355 shares changed hands during trading, an increase of 38% from the previous session’s volume of 51,768 shares.The stock last traded at $23.75 and had previously closed at $23.65.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IGIC. Royal Bank Of Canada assumed coverage on shares of International General Insurance in a report on Tuesday, December 16th. They issued an “outperform” rating and a $28.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, International General Insurance currently has an average rating of “Buy” and a consensus price target of $30.00.

International General Insurance Trading Down 1.1%

The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 8.60 and a beta of 0.16. The company has a 50 day moving average of $24.23 and a 200 day moving average of $23.77.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). International General Insurance had a return on equity of 18.36% and a net margin of 23.76%.The business had revenue of $128.60 million for the quarter, compared to analyst estimates of $135.40 million. Equities analysts forecast that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

International General Insurance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Wednesday, December 17th. International General Insurance’s dividend payout ratio is 7.25%.

International General Insurance declared that its Board of Directors has authorized a share buyback program on Wednesday, November 5th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of International General Insurance

A number of institutional investors have recently modified their holdings of IGIC. Copeland Capital Management LLC bought a new position in shares of International General Insurance during the third quarter worth about $64,000. State of Wyoming grew its stake in shares of International General Insurance by 179.2% during the 2nd quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after acquiring an additional 4,278 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of International General Insurance by 29.2% in the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock valued at $162,000 after purchasing an additional 1,524 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after purchasing an additional 2,963 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of International General Insurance in the third quarter worth $213,000. 54.24% of the stock is currently owned by institutional investors.

About International General Insurance

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.