International General Insurance (NASDAQ:IGIC) Coverage Initiated at Oppenheimer

Oppenheimer started coverage on shares of International General Insurance (NASDAQ:IGIC) in a research note published on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $30.00 target price on the stock.

Separately, Royal Bank of Canada raised their price objective on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Price Performance

NASDAQ:IGIC opened at $25.98 on Thursday. International General Insurance has a one year low of $11.46 and a one year high of $27.00. The company has a market cap of $1.19 billion, a PE ratio of 8.49 and a beta of 0.21. The firm has a 50-day moving average of $20.97 and a 200-day moving average of $17.46.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.56 by $0.11. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The firm had revenue of $138.10 million during the quarter.

International General Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.025 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.10 annualized dividend and a dividend yield of 0.38%. International General Insurance’s dividend payout ratio is currently 3.27%.

Hedge Funds Weigh In On International General Insurance

Several institutional investors have recently modified their holdings of the business. Sei Investments Co. lifted its holdings in International General Insurance by 198.4% during the first quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock worth $1,629,000 after acquiring an additional 80,000 shares during the period. Mackenzie Financial Corp bought a new stake in shares of International General Insurance during the 2nd quarter worth $411,000. Marshall Wace LLP boosted its holdings in shares of International General Insurance by 276.8% in the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after buying an additional 67,809 shares during the last quarter. Acadian Asset Management LLC grew its position in International General Insurance by 35.1% during the second quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock valued at $3,095,000 after buying an additional 57,399 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its position in International General Insurance by 31.6% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after buying an additional 45,455 shares during the period. 54.24% of the stock is owned by institutional investors.

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.