International General Insurance (NASDAQ:IGIC) Sees Large Volume Increase - Here's What Happened

Key Points

• IGIC trading volume rose 47% to approximately 106,319 shares, while the stock traded near $24.44, below its prior close of $24.61.
• Analyst sentiment was mixed: RBC raised its price target to $30 with an “outperform” rating, while Zacks downgraded the stock to “strong sell.” The consensus rating is “Hold,” with a $30 price target.
• The company reported quarterly revenue of $143.5 million, exceeding estimates, but earnings per share of $0.44 missed expectations of $0.61. IGIC also pays a quarterly dividend of $0.075 per share, representing a 1.2% yield.

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) saw an uptick in trading volume on Monday. Approximately 106,319 shares were traded during trading, an increase of 47% from the previous session's volume of 72,119 shares. The stock last traded at $24.4410 and had previously closed at $24.61.

Wall Street Analyst Weigh In

IGIC has been the topic of a number of recent analyst reports. Royal Bank Of Canada lifted their price objective on International General Insurance from $28.00 to $30.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Weiss Ratings lowered shares of International General Insurance from a "buy (b+)" rating to a "buy (b)" rating in a report on Tuesday, September 22nd. Finally, Zacks Research lowered shares of International General Insurance from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, International General Insurance presently has an average rating of "Hold" and a consensus price target of $30.00.

International General Insurance Price Performance

The stock has a market cap of $1.04 billion, a P/E ratio of 9.75 and a beta of 0.09. The company has a fifty day moving average price of $26.68 and a 200 day moving average price of $25.91.

International General Insurance (NASDAQ:IGIC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.17). International General Insurance had a return on equity of 17.03% and a net margin of 20.68%.The firm had revenue of $143.50 million for the quarter, compared to analyst estimates of $114.90 million. As a group, sell-side analysts expect that International General Insurance Holdings Ltd. will post 2.61 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th were issued a dividend of $0.0750 per share. The ex-dividend date was Tuesday, August 18th. This represents a $0.30 annualized dividend and a yield of 1.2%. International General Insurance's dividend payout ratio is presently 12.05%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Squarepoint Ops LLC bought a new stake in shares of International General Insurance during the second quarter worth about $244,000. Corsair Capital Management L.P. bought a new position in International General Insurance in the 1st quarter valued at about $352,000. Hingham Institution for Savings lifted its position in International General Insurance by 45.1% in the 2nd quarter. Hingham Institution for Savings now owns 80,400 shares of the company's stock valued at $2,104,000 after acquiring an additional 25,000 shares in the last quarter. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new position in International General Insurance during the 2nd quarter valued at about $13,773,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Company Profile

International General Insurance Holdings Ltd. NASDAQ: IGIC is a specialty insurance and reinsurance company serving commercial and industrial clients, brokers, and other insurance companies. The company underwrites a diversified portfolio of specialty risks, with products covering energy, property, construction and engineering, marine, aviation, financial institutions, political violence, professional liability, and other complex commercial exposures.

IGI operates through a global platform that includes underwriting operations in Bermuda, the United Kingdom, and other international markets.

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