International General Insurance (NASDAQ:IGIC) Sees Large Volume Increase – Here’s What Happened

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw unusually-strong trading volume on Monday . Approximately 75,212 shares changed hands during trading, an increase of 8% from the previous session’s volume of 69,356 shares.The stock last traded at $22.40 and had previously closed at $21.10.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada upped their price objective 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 stock has a market capitalization of $1.03 billion, a P/E ratio of 8.78 and a beta of 0.23. The company’s fifty day simple moving average is $18.76 and its two-hundred day simple moving average is $16.16.

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

International General Insurance Announces Dividend

The firm also recently declared 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 was Friday, August 30th. This represents a $0.10 annualized dividend and a dividend yield of 0.45%. International General Insurance’s dividend payout ratio (DPR) is presently 3.92%.

Institutional Trading of International General Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. raised its position in shares of International General Insurance by 198.4% in the first quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock valued at $1,629,000 after buying an additional 80,000 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of International General Insurance by 35.8% during the 1st quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock valued at $2,216,000 after acquiring an additional 43,204 shares during the period. PEAK6 Investments LLC grew its holdings in shares of International General Insurance by 33.8% during the 1st quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock worth $541,000 after purchasing an additional 10,083 shares in the last quarter. Virtu Financial LLC bought a new position in shares of International General Insurance in the first quarter worth $209,000. Finally, Simplicity Wealth LLC acquired a new position in International General Insurance in the second quarter valued at about $152,000. Institutional investors and hedge funds own 54.24% of the company’s 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.