International General Insurance (NASDAQ:IGIC) Reaches New 1-Year High – Time to Buy?

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.60 and last traded at $19.39, with a volume of 15599 shares trading hands. The stock had previously closed at $19.46.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada raised their target price on 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’s 50-day simple moving average is $17.70 and its 200 day simple moving average is $15.50. The company has a market cap of $884.54 million, a PE ratio of 7.21 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC) last released its earnings results on Tuesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $135.60 million during the quarter.

International General Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Monday, September 2nd were paid a dividend of $0.025 per share. The ex-dividend date was Friday, August 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.52%. International General Insurance’s payout ratio is 3.70%.

Institutional Investors Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of IGIC. Simplicity Wealth LLC acquired a new stake in shares of International General Insurance during the 2nd quarter worth about $152,000. LSV Asset Management acquired a new stake in International General Insurance during the second quarter worth approximately $179,000. Virtu Financial LLC purchased a new stake in shares of International General Insurance during the 1st quarter worth approximately $209,000. Victory Capital Management Inc. acquired a new position in shares of International General Insurance in the 2nd quarter valued at $229,000. Finally, Mackenzie Financial Corp acquired a new position in shares of International General Insurance in the 2nd quarter valued at $411,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.