International General Insurance (NASDAQ:IGIC) Sets New 12-Month High on Analyst Upgrade

Key Points

• IGIC hit a new 52-week high after Royal Bank of Canada raised its price target from $28 to $30 and reiterated an outperform rating. The stock traded as high as $28.84 during the session.
• Analyst sentiment remains constructive overall, with MarketBeat citing a consensus Buy rating and an average target price of $30.00. Weiss Ratings did trim its view slightly, cutting the stock from buy (b) to buy (b-).
• The company also raised its quarterly dividend to $0.075 from $0.05, equal to a $0.30 annualized payout and a 1.1% yield. Its dividend payout ratio remains relatively low at 10.83%.

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $28.00 to $30.00. Royal Bank Of Canada currently has an outperform rating on the stock. International General Insurance traded as high as $28.84 and last traded at $28.53, with a volume of 147343 shares traded. The stock had previously closed at $28.19.

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

Institutional Investors Weigh In On International General Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Diamond Hill Capital Management Inc. increased its position in shares of International General Insurance by 35.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company's stock valued at $9,291,000 after acquiring an additional 96,536 shares during the last quarter. CWA Asset Management Group LLC boosted its position in International General Insurance by 3.4% during the fourth quarter. CWA Asset Management Group LLC now owns 85,104 shares of the company's stock valued at $2,135,000 after purchasing an additional 2,817 shares during the last quarter. Aquatic Capital Management LLC boosted its position in International General Insurance by 31.8% during the third quarter. Aquatic Capital Management LLC now owns 12,255 shares of the company's stock valued at $284,000 after purchasing an additional 2,959 shares during the last quarter. Squarepoint Ops LLC bought a new position in International General Insurance in the third quarter valued at approximately $237,000. Finally, IHT Wealth Management LLC bought a new position in International General Insurance in the second quarter valued at approximately $233,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Stock Performance

The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 10.30 and a beta of 0.11. The company has a 50-day simple moving average of $25.73 and a two-hundred day simple moving average of $25.19.

International General Insurance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were paid a $0.075 dividend. This is a boost from International General Insurance's previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, May 28th. International General Insurance's dividend payout ratio (DPR) is 10.83%.

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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