Short Interest in International General Insurance Holdings Ltd. (NASDAQ:IGIC) Decreases By 29.2%

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totalling 67,000 shares, a drop of 29.2% from the April 30th total of 94,600 shares. Approximately 0.4% of the company's stock are sold short. Based on an average trading volume of 129,500 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On International General Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new stake in shares of International General Insurance in the fourth quarter worth $87,000. PNC Financial Services Group Inc. acquired a new stake in shares of International General Insurance in the fourth quarter worth $95,000. State of Wyoming acquired a new stake in shares of International General Insurance in the fourth quarter worth $107,000. US Bancorp DE grew its stake in shares of International General Insurance by 850.6% in the first quarter. US Bancorp DE now owns 4,753 shares of the company's stock worth $125,000 after acquiring an additional 4,253 shares during the last quarter. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of International General Insurance in the first quarter worth $147,000. Institutional investors and hedge funds own 54.24% of the company's stock.

International General Insurance Stock Up 0.4%

Shares of NASDAQ:IGIC traded up $0.08 during trading on Thursday, reaching $22.82. The stock had a trading volume of 127,417 shares, compared to its average volume of 103,820. International General Insurance has a 52 week low of $13.82 and a 52 week high of $27.76. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 7.46 and a beta of 0.25. The stock has a fifty day simple moving average of $23.98 and a two-hundred day simple moving average of $24.74.

International General Insurance (NASDAQ:IGIC - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.47 by ($0.05). International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The firm had revenue of $129.00 million during the quarter, compared to the consensus estimate of $135.50 million. On average, analysts forecast that International General Insurance will post 3.18 EPS for the current year.

International General Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Monday, June 2nd will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Monday, June 2nd. International General Insurance's dividend payout ratio is 7.35%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on IGIC shares. Royal Bank of Canada raised their price objective on shares of International General Insurance from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, February 27th. Oppenheimer raised their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the company an "outperform" rating in a research 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.