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

Key Points

• IGIC shares traded at $26.79 amid elevated volume, though activity fell 41% from the prior session. The stock’s 50-day and 200-day moving averages were $27.21 and $25.81, respectively.
• Analyst views remain mixed: RBC raised its price target to $30 and gave IGIC an “outperform” rating, while Zacks downgraded it to “strong sell.” Overall, the consensus rating is “Hold” with a $30 price target.
• IGIC missed quarterly earnings expectations, reporting $0.44 per share versus the $0.61 consensus, but revenue of $143.5 million exceeded estimates. The company also declared a quarterly dividend of $0.075 per share, equal to a 1.1% annualized yield.

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) shares saw unusually-high trading volume on Friday . 42,679 shares traded hands during trading, a decline of 41% from the previous session's volume of 71,767 shares.The stock last traded at $26.79 and had previously closed at $26.74.

Analysts Set New Price Targets

Several equities research analysts have recently commented on IGIC shares. Weiss Ratings raised International General Insurance from a "buy (b-)" rating to a "buy (b+)" rating in a research note on Thursday, August 13th. Zacks Research downgraded International General Insurance from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Finally, Royal Bank Of Canada upped their target price on International General Insurance from $28.00 to $30.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $30.00.

International General Insurance Price Performance

The business's 50-day simple moving average is $27.21 and its 200-day simple moving average is $25.81. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 10.67 and a beta of 0.11.

International General Insurance (NASDAQ:IGIC - Get Free Report) last issued 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). International General Insurance had a return on equity of 17.03% and a net margin of 20.68%.The business had revenue of $143.50 million for the quarter, compared to analysts' expectations of $114.90 million. As a group, sell-side analysts forecast that International General Insurance Holdings Ltd. will post 2.61 EPS for the current year.

International General Insurance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $0.30 annualized dividend and a yield of 1.1%. International General Insurance's dividend payout ratio (DPR) is presently 12.05%.

Hedge Funds Weigh In On International General Insurance

Institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC acquired a new stake in shares of International General Insurance during the fourth quarter valued at $56,000. State of Wyoming raised its stake in International General Insurance by 179.2% in the 2nd quarter. State of Wyoming now owns 6,665 shares of the company's stock valued at $160,000 after purchasing an additional 4,278 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of International General Insurance by 29.2% during the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company's stock valued at $162,000 after buying an additional 1,524 shares during the period. Royal Bank of Canada lifted its stake in shares of International General Insurance by 16.5% during the fourth quarter. Royal Bank of Canada now owns 6,559 shares of the company's stock valued at $165,000 after buying an additional 929 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in International General Insurance by 61.0% during the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company's stock worth $188,000 after acquiring an additional 2,963 shares during the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

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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