International General Insurance (NASDAQ:IGIC) Price Target Raised to $30.00

Key Points

• Royal Bank of Canada raised its price target on International General Insurance (NASDAQ:IGIC) from $28 to $30 and maintained an outperform rating, implying modest upside from the prior close.
• The stock traded up to $28.65 on Monday, near its 52-week high of $28.79, while the company carries a market cap of about $1.22 billion and a low beta of 0.11.
• MarketBeat data shows IGIC has a consensus Buy rating and a consensus target price of $30.00, although Weiss Ratings recently downgraded the stock slightly from buy (b) to buy (b-).

International General Insurance (NASDAQ:IGIC - Get Free Report) had its price objective lifted by equities research analysts at Royal Bank Of Canada from $28.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price would suggest a potential upside of 4.70% from the stock's previous close.

Separately, Weiss Ratings downgraded International General Insurance from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $30.00.

International General Insurance Stock Performance

Shares of NASDAQ IGIC traded up $0.46 during mid-day trading on Monday, hitting $28.65. The stock had a trading volume of 11,683 shares, compared to its average volume of 64,705. The firm has a market cap of $1.22 billion, a PE ratio of 10.33 and a beta of 0.11. The company has a 50 day moving average of $25.66 and a two-hundred day moving average of $25.17. International General Insurance has a twelve month low of $20.82 and a twelve month high of $28.79.

Hedge Funds Weigh In On International General Insurance

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its holdings in International General Insurance by 0.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company's stock valued at $9,948,000 after purchasing an additional 1,661 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of International General Insurance by 35.3% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company's stock worth $9,291,000 after buying an additional 96,536 shares during the period. Shay Capital LLC raised its stake in shares of International General Insurance by 13.1% during the 3rd quarter. Shay Capital LLC now owns 237,694 shares of the company's stock worth $5,515,000 after buying an additional 27,444 shares during the period. CWA Asset Management Group LLC lifted its position in shares of International General Insurance by 3.4% during the 4th quarter. CWA Asset Management Group LLC now owns 85,104 shares of the company's stock valued at $2,135,000 after buying an additional 2,817 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in shares of International General Insurance by 16.7% during the 3rd quarter. Raymond James Financial Inc. now owns 60,225 shares of the company's stock valued at $1,397,000 after buying an additional 8,639 shares in the last quarter. Institutional investors and hedge funds own 54.24% of the company's stock.

International General Insurance Company Profile

International General Insurance NASDAQ: IGIC is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.

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