Royal Bank of Canada Issues Positive Forecast for International General Insurance (NASDAQ:IGIC) Stock Price

International General Insurance (NASDAQ:IGIC) had its price target lifted by Royal Bank of Canada from $22.00 to $26.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

International General Insurance Trading Down 1.4 %

NASDAQ IGIC traded down $0.34 during trading hours on Thursday, hitting $23.76. 175,042 shares of the company’s stock traded hands, compared to its average volume of 76,491. The business’s fifty day moving average price is $19.43 and its two-hundred day moving average price is $16.55. The firm has a market capitalization of $1.09 billion, a P/E ratio of 7.97 and a beta of 0.21. International General Insurance has a 52 week low of $10.83 and a 52 week high of $25.50.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.11. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The company had revenue of $138.10 million during the quarter.

International General Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd were issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.42%. The ex-dividend date was Friday, August 30th. International General Insurance’s dividend payout ratio is currently 3.27%.

Hedge Funds Weigh In On International General Insurance

Several large investors have recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. purchased a new position in International General Insurance during the third quarter valued at approximately $3,338,000. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after buying an additional 45,455 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of International General Insurance in the third quarter worth $303,000. Mackenzie Financial Corp purchased a new position in shares of International General Insurance in the second quarter worth $411,000. Finally, Marshall Wace LLP lifted its holdings in shares of International General Insurance by 276.8% in the second 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 in the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.