International General Insurance (NASDAQ:IGIC) Shares Gap Up Following Analyst Upgrade

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price gapped up prior to trading on Friday after Royal Bank of Canada raised their price target on the stock from $28.00 to $31.00. The stock had previously closed at $25.47, but opened at $26.49. Royal Bank of Canada currently has an outperform rating on the stock. International General Insurance shares last traded at $25.83, with a volume of 4,804 shares traded.

Separately, Oppenheimer increased their target price on shares of International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday.

Hedge Funds Weigh In On International General Insurance

A number of institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp grew its holdings in shares of International General Insurance by 80.0% during the fourth quarter. Mackenzie Financial Corp now owns 34,940 shares of the company’s stock worth $830,000 after purchasing an additional 15,529 shares in the last quarter. Two Sigma Investments LP lifted its position in International General Insurance by 39.3% during the fourth quarter. Two Sigma Investments LP now owns 43,351 shares of the company’s stock valued at $1,030,000 after purchasing an additional 12,231 shares during the last quarter. Tidal Investments LLC lifted its position in International General Insurance by 9.1% during the fourth quarter. Tidal Investments LLC now owns 21,363 shares of the company’s stock valued at $508,000 after purchasing an additional 1,778 shares during the last quarter. State of Wyoming purchased a new position in International General Insurance in the 4th quarter worth approximately $107,000. Finally, Shay Capital LLC increased its holdings in shares of International General Insurance by 13.1% in the 4th quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock worth $5,388,000 after buying an additional 26,210 shares during the last quarter. 54.24% of the stock is currently owned by institutional investors.

International General Insurance Stock Performance

The stock has a market cap of $1.20 billion, a PE ratio of 8.53 and a beta of 0.27. The company’s 50-day moving average price is $24.97 and its two-hundred day moving average price is $22.39.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating 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 business had revenue of $135.20 million for the quarter, compared to the consensus estimate of $136.20 million. Equities research analysts forecast that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current fiscal year.

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.