International General Insurance (NASDAQ:IGIC) Sets New 1-Year High – Time to Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) reached a new 52-week high during trading on Tuesday . The stock traded as high as $26.51 and last traded at $26.35, with a volume of 11397 shares traded. The stock had previously closed at $26.22.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of International General Insurance in a research note on Thursday, January 22nd. Royal Bank Of Canada assumed coverage on shares of International General Insurance in a research note on Tuesday, December 16th. They set an “outperform” rating and a $28.00 price objective for the company. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $28.00.

International General Insurance Stock Up 0.2%

The stock has a market capitalization of $1.17 billion, a PE ratio of 9.15 and a beta of 0.15. The stock’s 50 day moving average price is $24.70 and its 200-day moving average price is $24.06.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, February 24th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $126.40 million during the quarter, compared to analyst estimates of $116.40 million. International General Insurance had a net margin of 24.61% and a return on equity of 16.98%. As a group, sell-side analysts predict that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current fiscal year.

International General Insurance Dividend Announcement

The company also recently disclosed an annual dividend, which was paid on Monday, April 6th. Investors of record on Wednesday, March 18th were issued a $1.15 dividend. This represents a dividend yield of 497.0%. The ex-dividend date was Wednesday, March 18th. International General Insurance’s payout ratio is presently 6.97%.

Institutional Trading of International General Insurance

Several institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd bought a new stake in shares of International General Insurance in the fourth quarter valued at about $291,000. Millennium Management LLC raised its holdings in shares of International General Insurance by 138.7% in the fourth quarter. Millennium Management LLC now owns 21,938 shares of the company’s stock valued at $550,000 after acquiring an additional 12,746 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of International General Insurance in the fourth quarter valued at about $810,000. Trexquant Investment LP raised its holdings in shares of International General Insurance by 25.0% in the fourth quarter. Trexquant Investment LP now owns 38,532 shares of the company’s stock valued at $967,000 after acquiring an additional 7,713 shares in the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of International General Insurance by 11.3% in the fourth quarter. Osaic Holdings Inc. now owns 7,135 shares of the company’s stock valued at $179,000 after acquiring an additional 722 shares in the last quarter. 54.24% of the stock is currently owned by institutional investors.

About International General Insurance

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.