International General Insurance (NASDAQ:IGIC) Hits New 1-Year High – What’s Next?

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $28.62 and last traded at $28.25, with a volume of 150389 shares trading hands. The stock had previously closed at $27.90.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $28.00.

International General Insurance Stock Up 1.3%

The business’s 50 day simple moving average is $25.55 and its two-hundred day simple moving average is $25.11. The stock has a market capitalization of $1.20 billion, a P/E ratio of 10.20 and a beta of 0.11.

International General Insurance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, May 28th. This is an increase from International General Insurance’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.1%. International General Insurance’s payout ratio is 10.83%.

Institutional Investors Weigh In On International General Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of International General Insurance by 83.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after buying an additional 6,872 shares in the last quarter. Raymond James Financial Inc. lifted its holdings in International General Insurance by 220.3% during the second quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after acquiring an additional 35,480 shares during the period. BNP Paribas Financial Markets boosted its position in International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock worth $188,000 after purchasing an additional 2,963 shares during the last quarter. IHT Wealth Management LLC purchased a new position in International General Insurance in the second quarter worth $233,000. Finally, Shay Capital LLC grew its stake in International General Insurance by 5.4% in the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock valued at $5,050,000 after purchasing an additional 10,823 shares during the period. Hedge funds and other institutional investors own 54.24% of the company’s stock.

International General Insurance Company Profile

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.