Short Interest in International General Insurance Holdings Ltd. (NASDAQ:IGIC) Drops By 16.7%

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 111,100 shares, a drop of 16.7% from the March 15th total of 133,400 shares. Based on an average trading volume of 100,800 shares, the short-interest ratio is currently 1.1 days. Currently, 0.7% of the company’s shares are sold short.

International General Insurance Stock Up 2.9 %

IGIC traded up $0.69 during trading on Tuesday, reaching $24.55. 47,912 shares of the company were exchanged, compared to its average volume of 96,034. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 8.01 and a beta of 0.05. International General Insurance has a 12-month low of $12.83 and a 12-month high of $27.76. The company’s 50-day moving average is $25.32 and its two-hundred day moving average is $24.22.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The firm had revenue of $135.20 million during the quarter, compared to analyst estimates of $136.20 million. Equities analysts forecast that International General Insurance will post 3.18 earnings per share for the current year.

International General Insurance Announces Dividend

The business also recently disclosed a — dividend, which will be paid on Tuesday, April 22nd. Stockholders of record on Friday, April 4th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a dividend yield of 0.4%. International General Insurance’s payout ratio is currently 3.34%.

Hedge Funds Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IGIC. Geode Capital Management LLC grew its holdings in shares of International General Insurance by 3.2% during the third quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock worth $530,000 after buying an additional 859 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of International General Insurance in the 3rd quarter valued at about $372,000. JPMorgan Chase & Co. raised its holdings in shares of International General Insurance by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after buying an additional 3,562 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of International General Insurance during the fourth quarter valued at about $60,000. Finally, Geneos Wealth Management Inc. acquired a new position in International General Insurance during the 4th quarter worth $177,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, February 27th. Oppenheimer boosted their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 27th.

About International General Insurance

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.