International General Insurance (NASDAQ:IGIC) Shares Gap Up on Analyst Upgrade

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price gapped up prior to trading on Friday after Royal Bank of Canada raised their price target on the stock from $28.00 to $31.00. The stock had previously closed at $25.47, but opened at $26.49. Royal Bank of Canada currently has an outperform rating on the stock. International General Insurance shares last traded at $25.83, with a volume of 4,804 shares traded.

Separately, Oppenheimer lifted their target price on International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday.

Institutional Trading of International General Insurance

A number of hedge funds have recently made changes to their positions in the stock. ORG Wealth Partners LLC bought a new position in International General Insurance in the fourth quarter valued at $60,000. Quantbot Technologies LP bought a new position in International General Insurance during the fourth quarter valued at approximately $87,000. PNC Financial Services Group Inc. bought a new stake in shares of International General Insurance in the 4th quarter worth approximately $95,000. State of Wyoming bought a new position in shares of International General Insurance during the 4th quarter valued at $107,000. Finally, Geneos Wealth Management Inc. purchased a new position in International General Insurance in the 4th quarter worth $177,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Price Performance

The firm’s 50 day simple moving average is $24.92 and its two-hundred day simple moving average is $22.27. The firm has a market capitalization of $1.19 billion, a P/E ratio of 8.41 and a beta of 0.27.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.88 by $0.01. The firm had revenue of $135.20 million for the quarter, compared to the consensus estimate of $136.20 million. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. As a group, equities research analysts forecast that International General Insurance Holdings Ltd. will post 3.18 EPS for the current year.

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.