International General Insurance (NASDAQ:IGIC) Sets New 12-Month High – Should You Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $28.90 and last traded at $28.8530, with a volume of 42761 shares trading hands. The stock had previously closed at $27.81.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Weiss Ratings lowered International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Royal Bank Of Canada boosted their price objective on shares of International General Insurance from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Zacks Research lowered shares of International General Insurance from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.00.

International General Insurance Stock Performance

The business has a 50-day moving average price of $26.20 and a 200 day moving average price of $25.35. The stock has a market capitalization of $1.23 billion, a P/E ratio of 10.39 and a beta of 0.11.

International General Insurance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.075 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.30 dividend on an annualized basis and a yield of 1.0%. This is an increase from International General Insurance’s previous quarterly dividend of $0.05. International General Insurance’s dividend payout ratio (DPR) is 10.83%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of International General Insurance by 83.4% during the second quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock valued at $363,000 after buying an additional 6,872 shares during the last quarter. Raymond James Financial Inc. raised its holdings in International General Insurance by 220.3% in the 2nd quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after acquiring an additional 35,480 shares during the last quarter. BNP Paribas Financial Markets lifted its position in International General Insurance by 61.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after acquiring an additional 2,963 shares in the last quarter. IHT Wealth Management LLC bought a new position in International General Insurance in the 2nd quarter valued at approximately $233,000. Finally, Shay Capital LLC boosted its stake in International General Insurance by 5.4% during the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock valued at $5,050,000 after purchasing an additional 10,823 shares during the last quarter. Institutional investors own 54.24% of the company’s stock.

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.