International General Insurance (NASDAQ:IGIC) Shares Gap Up – Time to Buy?

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) gapped up prior to trading 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 changing hands.

Wall Street Analyst Weigh In

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

International General Insurance Trading Up 7.1 %

The firm has a market capitalization of $972.16 million, a P/E ratio of 7.81 and a beta of 0.23. The company’s fifty day moving average is $18.53 and its 200-day moving average is $16.01.

International General Insurance (NASDAQ:IGIC) last released its quarterly 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. The company had revenue of $135.60 million during the quarter. International General Insurance had a net margin of 23.40% and a return on equity of 25.74%.

International General Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd were issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date was Friday, August 30th. International General Insurance’s dividend payout ratio (DPR) is currently 3.70%.

Institutional Investors Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently modified their holdings of IGIC. Exchange Traded Concepts LLC acquired a new position in International General Insurance during the 3rd quarter valued at $303,000. Mackenzie Financial Corp acquired a new stake in International General Insurance in the 2nd quarter worth $411,000. Marshall Wace LLP increased its holdings in shares of International General Insurance by 276.8% during the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after purchasing an additional 67,809 shares during the period. Interval Partners LP grew its position in International General Insurance by 15.5% during the second quarter. Interval Partners LP now owns 114,650 shares of the company’s stock worth $1,605,000 after buying an additional 15,379 shares in the last quarter. Finally, Sei Investments Co. grew its position in International General Insurance by 112.5% during the second quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock worth $3,580,000 after buying an additional 135,400 shares in the last quarter. 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.