International General Insurance (NASDAQ:IGIC) Sets New 1-Year High - Time to Buy?

Key Points

• 52-week high: IGIC shares rose intraday to $26.51 (last $26.35) on rising volume, and analysts hold a consensus Buy rating with an average target of $28 (RBC initiated coverage at "Outperform" with a $28 target).
• Q4 beat: The company reported $0.80 EPS vs. $0.72 expected and $126.4M revenue vs. $116.4M expected, with a 16.98% return on equity, 24.61% net margin, market cap ~$1.17B and a P/E of 9.15.
• Dividend and ownership: IGIC paid an annual dividend of $1.15 per share on April 6 (payout ratio ~6.97%), and institutional ownership is about 54.24% with several funds adding or increasing positions recently.

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $26.51 and last traded at $26.35, with a volume of 11397 shares changing hands. The stock had previously closed at $26.22.

Analysts Set New Price Targets

A number of brokerages have issued reports on IGIC. Weiss Ratings reaffirmed a "buy (b)" rating on shares of International General Insurance in a report on Thursday, January 22nd. Royal Bank Of Canada began coverage on shares of International General Insurance in a report on Tuesday, December 16th. They set an "outperform" rating and a $28.00 price objective for the company. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, International General Insurance has a consensus rating of "Buy" and an average target price of $28.00.

International General Insurance Trading Up 0.2%

The stock has a market capitalization of $1.17 billion, a P/E ratio of 9.15 and a beta of 0.15. The business has a 50-day moving average price of $24.70 and a 200 day moving average price of $24.06.

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

International General Insurance Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IGIC. XTX Topco Ltd bought a new stake in International General Insurance in the fourth quarter worth $291,000. Millennium Management LLC boosted its stake in International General Insurance by 138.7% during the fourth quarter. Millennium Management LLC now owns 21,938 shares of the company's stock worth $550,000 after buying an additional 12,746 shares during the period. Lazard Asset Management LLC purchased a new position in International General Insurance during the fourth quarter worth $810,000. Trexquant Investment LP boosted its stake in International General Insurance by 25.0% during the fourth quarter. Trexquant Investment LP now owns 38,532 shares of the company's stock worth $967,000 after buying an additional 7,713 shares during the period. Finally, Osaic Holdings Inc. boosted its stake in International General Insurance by 11.3% during the fourth quarter. Osaic Holdings Inc. now owns 7,135 shares of the company's stock worth $179,000 after buying an additional 722 shares during the period. 54.24% of the stock is currently owned by institutional investors.

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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