International General Insurance (NASDAQ:IGIC) Shares Gap Up – Here’s Why

by · The Markets Daily

International General Insurance Holdings Ltd. (NASDAQ:IGIC – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $19.71, but opened at $21.00. International General Insurance shares last traded at $20.85, with a volume of 198,040 shares trading hands.

Wall Street Analysts Forecast Growth

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

View Our Latest Analysis on IGIC

International General Insurance Stock Up 5.1 %

The firm has a market capitalization of $951.62 million, a price-to-earnings ratio of 8.25 and a beta of 0.23. The company has a fifty day moving average price of $18.44 and a two-hundred day moving average price of $15.95.

International General Insurance (NASDAQ:IGIC – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm had revenue of $135.60 million during the quarter. International General Insurance had a net margin of 23.40% and a return on equity of 25.74%.

International General Insurance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Monday, September 2nd were given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Friday, August 30th. International General Insurance’s dividend payout ratio (DPR) is presently 3.92%.

Institutional Trading of International General Insurance

A number of hedge funds have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC acquired a new stake in shares of International General Insurance during the second quarter worth $152,000. LSV Asset Management purchased a new stake in shares of International General Insurance in the second quarter valued at about $179,000. Virtu Financial LLC acquired a new position in shares of International General Insurance during the first quarter worth about $209,000. Victory Capital Management Inc. purchased a new position in International General Insurance during the second quarter worth about $229,000. Finally, Exchange Traded Concepts LLC acquired a new stake in International General Insurance in the third quarter valued at about $303,000. 54.24% of the stock is owned by institutional investors and hedge funds.

International General Insurance Company Profile

(Get Free Report)

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.

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