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

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $23.91 and last traded at $23.70, with a volume of 68080 shares. The stock had previously closed at $21.60.

Analysts Set New Price Targets

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

International General Insurance Stock Up 5.3 %

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 8.92 and a beta of 0.21. The company has a 50 day simple moving average of $19.22 and a 200 day simple moving average of $16.46.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. International General Insurance had a net margin of 23.40% and a return on equity of 25.74%. The business had revenue of $135.60 million during the quarter.

International General Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Monday, September 2nd were given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Friday, August 30th. International General Insurance’s dividend payout ratio (DPR) is presently 3.92%.

Institutional Investors Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of IGIC. Simplicity Wealth LLC acquired a new position in shares of International General Insurance during the second quarter valued at about $152,000. LSV Asset Management acquired a new position in International General Insurance during the 2nd quarter valued at about $179,000. Virtu Financial LLC bought a new stake in International General Insurance during the 1st quarter worth approximately $209,000. Exchange Traded Concepts LLC purchased a new stake in shares of International General Insurance in the third quarter worth approximately $303,000. Finally, Victory Capital Management Inc. bought a new position in shares of International General Insurance in the second quarter valued at approximately $229,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Company Profile

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.