International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – Here’s Why

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares saw unusually-strong trading volume on Wednesday . Approximately 89,305 shares changed hands during trading, an increase of 14% from the previous session’s volume of 78,496 shares.The stock last traded at $23.99 and had previously closed at $25.05.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Oppenheimer initiated coverage on shares of International General Insurance in a report on Thursday. They issued an “outperform” rating and a $30.00 price target for the company. Royal Bank of Canada boosted their price target 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

The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 8.50 and a beta of 0.21. The firm’s 50 day simple moving average is $20.81 and its 200 day simple moving average is $17.35.

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

International General Insurance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Tuesday, December 3rd. International General Insurance’s dividend payout ratio is currently 3.27%.

Institutional Investors Weigh In On International General Insurance

Hedge funds and other institutional investors have recently made changes to their positions in the company. Simplicity Wealth LLC acquired a new stake in International General Insurance during the second quarter valued at $152,000. LSV Asset Management acquired a new position in International General Insurance in the 2nd quarter worth about $179,000. Kingsview Wealth Management LLC purchased a new position in International General Insurance during the third quarter worth approximately $265,000. Virtu Financial LLC acquired a new stake in International General Insurance in the first quarter valued at approximately $209,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of International General Insurance in the third quarter valued at approximately $303,000. Institutional investors and hedge funds 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.