International General Insurance (NASDAQ:IGIC) Hits New 12-Month High – Time to Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $28.62 and last traded at $28.25, with a volume of 150389 shares changing hands. The stock had previously closed at $27.90.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $28.00.

International General Insurance Stock Performance

The business has a 50 day simple moving average of $25.55 and a two-hundred day simple moving average of $25.11. The firm has a market capitalization of $1.20 billion, a P/E ratio of 10.20 and a beta of 0.11.

International General Insurance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.1%. This is a positive change from International General Insurance’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, May 28th. International General Insurance’s dividend payout ratio (DPR) is currently 10.83%.

Institutional Investors Weigh In On International General Insurance

Several hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. grew its stake in International General Insurance by 11.3% in the 4th quarter. Osaic Holdings Inc. now owns 7,135 shares of the company’s stock worth $179,000 after buying an additional 722 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of International General Insurance by 16.5% during the 4th quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after acquiring an additional 929 shares during the last quarter. Russell Investments Group Ltd. grew its position in International General Insurance by 0.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company’s stock worth $9,948,000 after acquiring an additional 1,661 shares in the last quarter. Smartleaf Asset Management LLC purchased a new position in International General Insurance in the fourth quarter worth $56,000. Finally, Franklin Resources Inc. increased its stake in International General Insurance by 6.2% in the third quarter. Franklin Resources Inc. now owns 40,385 shares of the company’s stock valued at $937,000 after acquiring an additional 2,355 shares during 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.