International General Insurance (NASDAQ:IGIC) Sees Large Volume Increase - Still a Buy?

Key Points

• Trading volume rose 54% to approximately 108,822 shares, while IGIC slipped 0.9% to $25.73. The stock’s consensus rating is “Hold,” with an average analyst price target of $30.
• Analyst views were mixed: RBC raised its target to $30 and maintained an “outperform” rating, Weiss upgraded the stock to “buy,” while Zacks Research downgraded it to “strong sell.”
• IGIC’s latest quarterly results included EPS of $0.44, below the $0.61 consensus, but revenue of $143.5 million exceeded estimates. The company also pays a $0.30 annualized dividend, yielding about 1.2%.

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) saw an uptick in trading volume on Monday . Approximately 108,822 shares changed hands during trading, an increase of 54% from the previous session's volume of 70,726 shares.The stock last traded at $25.7320 and had previously closed at $25.99.

Analyst Ratings Changes

A number of brokerages recently issued reports on IGIC. Zacks Research downgraded International General Insurance from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Royal Bank Of Canada increased their price objective on International General Insurance from $28.00 to $30.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Finally, Weiss Ratings upgraded International General Insurance from a "buy (b-)" rating to a "buy (b+)" rating in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, International General Insurance has a consensus rating of "Hold" and an average target price of $30.00.

International General Insurance Stock Down 0.9%

The company has a market capitalization of $1.10 billion, a P/E ratio of 10.35 and a beta of 0.09. The company has a 50-day moving average of $27.25 and a two-hundred day moving average of $25.91.

International General Insurance (NASDAQ:IGIC - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $143.50 million for the quarter, compared to the consensus estimate of $114.90 million. International General Insurance had a net margin of 20.68% and a return on equity of 17.03%. As a group, equities analysts expect that International General Insurance Holdings Ltd. will post 2.61 EPS for the current fiscal year.

International General Insurance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Tuesday, August 18th. International General Insurance's payout ratio is currently 12.05%.

Hedge Funds Weigh In On International General Insurance

Large investors have recently added to or reduced their stakes in the company. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in International General Insurance during the 2nd quarter valued at approximately $13,773,000. Diamond Hill Capital Management Inc. lifted its holdings in shares of International General Insurance by 35.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company's stock worth $9,291,000 after acquiring an additional 96,536 shares during the last quarter. Raymond James Financial Inc. lifted its stake in International General Insurance by 220.3% in the second quarter. Raymond James Financial Inc. now owns 51,586 shares of the company's stock worth $1,239,000 after purchasing an additional 35,480 shares during the last quarter. Lazard Asset Management LLC purchased a new position in International General Insurance during the 4th quarter valued at $810,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of International General Insurance by 214.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 46,436 shares of the company's stock valued at $1,165,000 after purchasing an additional 31,675 shares during the period. Hedge funds and other institutional investors own 54.24% of the company's stock.

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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