International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Large Decline in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 95,000 shares, a decline of 20.0% from the November 30th total of 118,800 shares. Based on an average trading volume of 122,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.6% of the company’s stock are short sold.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in shares of International General Insurance by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock worth $530,000 after purchasing an additional 859 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of International General Insurance by 26.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after acquiring an additional 3,562 shares during the period. LSV Asset Management acquired a new position in shares of International General Insurance in the 2nd quarter worth approximately $179,000. Kingsview Wealth Management LLC purchased a new position in shares of International General Insurance during the 3rd quarter worth approximately $265,000. Finally, Interval Partners LP increased its holdings in International General Insurance by 15.5% in the 2nd quarter. Interval Partners LP now owns 114,650 shares of the company’s stock valued at $1,605,000 after purchasing an additional 15,379 shares during the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

International General Insurance Price Performance

NASDAQ:IGIC traded up $0.08 during trading hours on Tuesday, reaching $23.76. The company had a trading volume of 79,161 shares, compared to its average volume of 82,379. International General Insurance has a 1-year low of $11.51 and a 1-year high of $27.00. The business’s 50 day moving average price is $23.91 and its 200-day moving average price is $19.34. The firm has a market cap of $1.09 billion, a PE ratio of 7.76 and a beta of 0.25.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.56 by $0.11. The company had revenue of $138.10 million during the quarter. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. On average, analysts expect that International General Insurance will post 2.91 earnings per share for the current fiscal year.

International General Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd were issued a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Tuesday, December 3rd. International General Insurance’s payout ratio is currently 3.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IGIC. Royal Bank of Canada raised their price objective on International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Oppenheimer began coverage on International General Insurance in a research note on Thursday, November 21st. They set an “outperform” rating and a $30.00 price target on the stock.

About International General Insurance

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.