International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – Time to Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw an uptick in trading volume on Friday . Approximately 42,679 shares were traded during trading, a decline of 41% from the previous session’s volume of 71,767 shares.The stock last traded at $26.79 and had previously closed at $26.74.

Analysts Set New Price Targets

Several research firms have recently issued reports on IGIC. Royal Bank Of Canada raised their price objective on International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Zacks Research downgraded International General Insurance from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded International General Insurance from a “buy (b-)” rating to a “buy (b+)” rating in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $30.00.

International General Insurance Stock Down 0.6%

The business’s fifty day moving average is $27.21 and its 200-day moving average is $25.81. The stock has a market capitalization of $1.13 billion, a PE ratio of 10.67 and a beta of 0.11.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.17). The company had revenue of $143.50 million for the quarter, compared to analysts’ expectations of $114.90 million. International General Insurance had a return on equity of 17.03% and a net margin of 20.68%. As a group, sell-side analysts anticipate that International General Insurance Holdings Ltd. will post 2.61 EPS for the current fiscal year.

International General Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, August 18th. International General Insurance’s dividend payout ratio is presently 12.05%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IGIC. Smartleaf Asset Management LLC acquired a new position in International General Insurance in the fourth quarter valued at $56,000. State of Wyoming increased its stake in International General Insurance by 179.2% during the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after acquiring an additional 4,278 shares during the last quarter. Osaic Holdings Inc. increased its stake in International General Insurance by 29.2% during the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after acquiring an additional 1,524 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of International General Insurance by 16.5% in the 4th quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after purchasing an additional 929 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of International General Insurance by 61.0% in the 2nd 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 period. 54.24% of the stock is owned by hedge funds and other 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.