International General Insurance (NASDAQ:IGIC) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

International General Insurance (NASDAQ:IGIC) had its target price upped by equities research analysts at Royal Bank of Canada from $28.00 to $31.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 18.82% from the stock’s previous close.

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

International General Insurance Stock Up 2.4 %

Shares of International General Insurance stock opened at $26.09 on Thursday. International General Insurance has a twelve month low of $11.51 and a twelve month high of $27.76. The company’s 50 day moving average is $24.97 and its 200 day moving average is $22.34. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 8.53 and a beta of 0.27.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. ORG Wealth Partners LLC purchased a new stake in shares of International General Insurance in the 4th quarter worth $60,000. Quantbot Technologies LP bought a new stake in International General Insurance during the fourth quarter valued at about $87,000. PNC Financial Services Group Inc. purchased a new stake in International General Insurance in the fourth quarter worth about $95,000. State of Wyoming bought a new position in shares of International General Insurance in the fourth quarter worth about $107,000. Finally, Geneos Wealth Management Inc. purchased a new position in shares of International General Insurance during the 4th quarter valued at about $177,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.