International General Insurance (NASDAQ:IGIC) Reaches New 52-Week High on Better-Than-Expected Earnings

International General Insurance Holdings Ltd. (NASDAQ:IGIC) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $27.76 and last traded at $27.33, with a volume of 33039 shares. The stock had previously closed at $26.37.

The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The firm had revenue of $135.20 million for the quarter, compared to analysts’ expectations of $136.20 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Oppenheimer increased their target price on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Royal Bank of Canada upped their price target on International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Shay Capital LLC lifted its holdings in shares of International General Insurance by 13.1% during the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock valued at $5,388,000 after purchasing an additional 26,210 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of International General Insurance by 8.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 190,563 shares of the company’s stock valued at $4,528,000 after purchasing an additional 14,890 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of International General Insurance by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,825 shares of the company’s stock valued at $4,510,000 after purchasing an additional 525 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of International General Insurance by 22.2% during the fourth quarter. Renaissance Technologies LLC now owns 115,500 shares of the company’s stock valued at $2,744,000 after purchasing an additional 21,000 shares in the last quarter. Finally, Sowell Financial Services LLC bought a new position in International General Insurance in the fourth quarter valued at about $2,233,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Stock Down 4.2 %

The business has a fifty day simple moving average of $24.92 and a two-hundred day simple moving average of $22.27. The company has a market cap of $1.17 billion, a P/E ratio of 8.32 and a beta of 0.27.

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.