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

Shares of 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 changing hands. The stock had previously closed at $26.37.

The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01. The business had revenue of $135.20 million during the quarter, compared to the consensus estimate of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%.

Analyst Ratings Changes

A number of equities analysts have issued reports on IGIC shares. Royal Bank of Canada boosted their price objective on shares of International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday. Oppenheimer boosted their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds have recently modified their holdings of IGIC. Diamond Hill Capital Management Inc. purchased a new position in shares of International General Insurance in the third quarter valued at about $3,338,000. Sowell Financial Services LLC purchased a new stake in International General Insurance in the fourth quarter worth about $2,233,000. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after buying an additional 45,455 shares during the period. Franklin Resources Inc. purchased a new stake in International General Insurance in the fourth quarter worth about $830,000. Finally, Navellier & Associates Inc. boosted its position in shares of International General Insurance by 73.4% during the fourth quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after purchasing an additional 26,311 shares in the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

International General Insurance Price Performance

The company has a market capitalization of $1.17 billion, a PE ratio of 8.32 and a beta of 0.27. The company has a 50 day moving average of $24.92 and a two-hundred day moving average of $22.27.

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.