International General Insurance (NASDAQ:IGIC) Shares Gap Up – Still a Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $19.71, but opened at $21.00. International General Insurance shares last traded at $20.85, with a volume of 198,040 shares traded.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada increased their price target on shares of International General Insurance from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, August 8th.

International General Insurance Stock Performance

The company has a market capitalization of $951.62 million, a price-to-earnings ratio of 8.25 and a beta of 0.23. The stock’s 50-day moving average price is $18.44 and its 200-day moving average price is $15.95.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $135.60 million during the quarter. International General Insurance had a return on equity of 25.74% and a net margin of 23.40%.

International General Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Monday, September 2nd were paid a $0.025 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.10 dividend on an annualized basis and a yield of 0.48%. International General Insurance’s payout ratio is 3.92%.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IGIC. Simplicity Wealth LLC purchased a new position in shares of International General Insurance during the 2nd quarter worth approximately $152,000. LSV Asset Management acquired a new stake in International General Insurance during the 2nd quarter valued at $179,000. Virtu Financial LLC purchased a new position in International General Insurance during the first quarter worth $209,000. Victory Capital Management Inc. purchased a new position in International General Insurance during the second quarter worth $229,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of International General Insurance in the third quarter worth $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.