International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Update

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 120,000 shares, an increase of 169.7% from the October 15th total of 44,500 shares. Currently, 0.8% of the shares of the company are short sold. Based on an average trading volume of 95,400 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada increased their price target on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Stock Up 2.0 %

IGIC opened at $25.03 on Friday. International General Insurance has a 52 week low of $11.33 and a 52 week high of $25.50. The stock’s fifty day moving average is $19.93 and its two-hundred day moving average is $16.88. The company has a market capitalization of $1.15 billion, a P/E ratio of 8.02 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The company had revenue of $138.10 million during the quarter. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%.

Institutional Investors Weigh In On International General Insurance

Large investors have recently made changes to their positions in the stock. Sei Investments Co. raised its stake in shares of International General Insurance by 198.4% in the first 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 in the last quarter. Mackenzie Financial Corp acquired a new stake in International General Insurance in the second quarter valued at about $411,000. Acadian Asset Management LLC lifted its position in International General Insurance by 35.8% in the first quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock valued at $2,216,000 after purchasing an additional 43,204 shares during the period. Marshall Wace LLP lifted its position 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 valued at $1,292,000 after acquiring an additional 67,809 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its position in shares of International General Insurance by 31.6% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after acquiring an additional 45,455 shares during the period. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

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.