International General Insurance (NASDAQ:IGIC) Reaches New 52-Week High - Time to Buy?

Key Points

• International General Insurance (IGIC) reached a new 52-week high, trading as high as $27.31 and last at $26.95 on volume of 37,497 shares.
• The company reported a strong quarter, with EPS of $0.80 beating the $0.72 estimate and revenue of $126.4M versus $116.4M, and reported a net margin of 24.61% and ROE of 16.98%.
• Market sentiment is positive—Weiss Ratings reaffirmed a Buy, the average analyst price target is $28.00, the firm paid a $1.15 annual dividend recently, and institutional investors own about 54.24% of the stock.

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as $27.31 and last traded at $26.95, with a volume of 37497 shares traded. The stock had previously closed at $26.96.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of International General Insurance in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $28.00.

International General Insurance Stock Up 0.6%

The business has a 50-day moving average price of $24.79 and a 200-day moving average price of $24.15. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 9.45 and a beta of 0.15.

International General Insurance (NASDAQ:IGIC - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.08. International General Insurance had a net margin of 24.61% and a return on equity of 16.98%. The company had revenue of $126.40 million during the quarter, compared to analyst estimates of $116.40 million. As a group, sell-side analysts predict that International General Insurance Holdings Ltd. will post 3.18 EPS for the current year.

International General Insurance Dividend Announcement

The firm also recently announced an annual dividend, which was paid on Monday, April 6th. Stockholders of record on Wednesday, March 18th were given a $1.15 dividend. This represents a dividend yield of 497.0%. The ex-dividend date of this dividend was Wednesday, March 18th. International General Insurance's dividend payout ratio (DPR) is 6.97%.

Institutional Investors Weigh In On International General Insurance

A number of institutional investors have recently modified their holdings of IGIC. Royce & Associates LP lifted its holdings in shares of International General Insurance by 3.3% during the 3rd quarter. Royce & Associates LP now owns 3,173,626 shares of the company's stock valued at $73,628,000 after buying an additional 100,464 shares during the last quarter. Sageworth Trust Co of South Dakota acquired a new position in International General Insurance during the third quarter worth $569,000. PNC Financial Services Group Inc. increased its holdings in shares of International General Insurance by 33.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 16,000 shares of the company's stock valued at $371,000 after acquiring an additional 4,000 shares during the last quarter. XTX Topco Ltd acquired a new position in International General Insurance during the fourth quarter valued at approximately $291,000. Finally, Squarepoint Ops LLC bought a new position in shares of International General Insurance in the third quarter valued at approximately $237,000. Institutional investors and hedge funds own 54.24% of the company's stock.

About International General Insurance

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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