Royal Bank of Canada Raises International General Insurance (NASDAQ:IGIC) Price Target to $26.00

International General Insurance (NASDAQ:IGIC) had its price target boosted by analysts at Royal Bank of Canada from $22.00 to $26.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 9.43% from the company’s previous close.

International General Insurance Stock Down 1.4 %

Shares of IGIC traded down $0.34 during midday trading on Thursday, hitting $23.76. The company’s stock had a trading volume of 175,044 shares, compared to its average volume of 76,491. International General Insurance has a one year low of $10.83 and a one year high of $25.50. The company’s fifty day simple moving average is $19.54 and its two-hundred day simple moving average is $16.63. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 7.76 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The business had revenue of $138.10 million for the quarter. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Diamond Hill Capital Management Inc. acquired a new position in International General Insurance during the 3rd quarter worth approximately $3,338,000. Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in shares of International General Insurance during the second quarter valued at approximately $2,014,000. Sei Investments Co. increased its position in International General Insurance by 112.5% in the second quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock worth $3,580,000 after buying an additional 135,400 shares during the last quarter. Marshall Wace LLP increased its position in International General Insurance by 276.8% in the second quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after buying an additional 67,809 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of International General Insurance by 35.1% in the second quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock worth $3,095,000 after acquiring an additional 57,399 shares during the period. 54.24% of the stock is owned by institutional investors and hedge funds.

International General Insurance Company Profile

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.