International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Down 33.6% in November

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 118,800 shares, a decline of 33.6% from the November 15th total of 178,800 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 116,600 shares, the short-interest ratio is currently 1.0 days.

Institutional Trading of International General Insurance

Several institutional investors have recently added to or reduced their stakes in IGIC. Mackenzie Financial Corp bought a new stake in shares of International General Insurance during the second quarter worth $411,000. Marshall Wace LLP increased its stake in International General Insurance by 276.8% in the 2nd 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 period. Sei Investments Co. lifted its holdings in International General Insurance by 112.5% during the 2nd quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock valued at $3,580,000 after buying an additional 135,400 shares in the last quarter. Acadian Asset Management LLC boosted its position in International General Insurance by 35.1% in the 2nd quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock valued at $3,095,000 after buying an additional 57,399 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its stake in International General Insurance by 31.6% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after acquiring an additional 45,455 shares in the last quarter. Institutional investors own 54.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on IGIC. Oppenheimer began coverage on shares of International General Insurance in a research report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price objective for the company. Royal Bank of Canada increased their price target on shares of International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, November 7th.

International General Insurance Stock Performance

Shares of International General Insurance stock opened at $24.47 on Friday. The stock has a 50 day moving average price of $22.96 and a 200-day moving average price of $18.62. International General Insurance has a one year low of $11.51 and a one year high of $27.00. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 8.00 and a beta of 0.25.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, beating 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 net margin of 26.24% and a return on equity of 22.78%. Sell-side analysts predict that International General Insurance will post 2.91 earnings per share for the current fiscal year.

International General Insurance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd will be given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date is Tuesday, December 3rd. International General Insurance’s dividend payout ratio (DPR) is currently 3.27%.

About International General Insurance

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.