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

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw unusually-high trading volume on Wednesday . Approximately 89,305 shares changed hands during trading, an increase of 14% from the previous session’s volume of 78,496 shares.The stock last traded at $23.99 and had previously closed at $25.05.

Analysts Set New Price Targets

Several equities analysts have commented on IGIC shares. Oppenheimer assumed coverage on International General Insurance in a research report on Thursday. They issued an “outperform” rating and a $30.00 price objective on the stock. Royal Bank of Canada raised their target price on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th.

International General Insurance Stock Performance

The company’s fifty day simple moving average is $20.81 and its 200-day simple moving average is $17.35. The company has a market capitalization of $1.22 billion, a P/E ratio of 8.50 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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%.

International General Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd will be issued a $0.025 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $0.10 dividend on an annualized basis and a yield of 0.38%. International General Insurance’s dividend payout ratio is presently 3.27%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in International General Insurance by 3.2% in the third quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock worth $530,000 after purchasing an additional 859 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in International General Insurance during the 3rd quarter worth $265,000. Diamond Hill Capital Management Inc. acquired a new position in International General Insurance during the 3rd quarter valued at about $3,338,000. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after buying an additional 45,455 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in International General Insurance in the third quarter worth about $303,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.