International General Insurance (NASDAQ:IGIC) Reaches New 12-Month High – Still a Buy?

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

Analyst Upgrades and Downgrades

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

International General Insurance Stock Performance

The firm’s 50 day moving average price is $17.70 and its 200-day moving average price is $15.50. The firm has a market capitalization of $884.54 million, a PE ratio of 7.21 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 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 business had revenue of $135.60 million during the quarter.

International General Insurance Announces Dividend

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

Institutional Investors Weigh In On International General Insurance

Several institutional investors have recently bought and sold shares of IGIC. Sei Investments Co. boosted its position in shares of International General Insurance by 198.4% during the 1st quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock valued at $1,629,000 after acquiring an additional 80,000 shares during the last quarter. Acadian Asset Management LLC grew its holdings 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 worth $2,216,000 after purchasing an additional 43,204 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of International General Insurance during the 2nd quarter worth about $411,000. Marshall Wace LLP raised its holdings in International General Insurance by 276.8% in the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock valued at $1,292,000 after buying an additional 67,809 shares during the period. Finally, Simplicity Wealth LLC acquired a new position in International General Insurance in the second quarter valued at about $152,000. 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.