International General Insurance (NASDAQ:IGIC) Trading Up 4.7% After Dividend Announcement

International General Insurance Holdings Ltd. (NASDAQ:IGIC) rose 4.7% during trading on Thursday after the company announced a dividend. The company traded as high as $26.41 and last traded at $26.83. Approximately 6,925 shares traded hands during trading, a decline of 92% from the average daily volume of 88,336 shares. The stock had previously closed at $25.63.

The newly announced dividend which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be given a dividend of $0.85 per share. This represents a dividend yield of 0.4%. The ex-dividend date is Friday, April 4th. International General Insurance’s dividend payout ratio (DPR) is currently 3.34%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IGIC. Oppenheimer increased their target price on International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Royal Bank of Canada lifted their price objective on International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th.

International General Insurance Stock Down 2.9 %

The stock has a market capitalization of $1.21 billion, a PE ratio of 8.57 and a beta of 0.26. The firm’s fifty day moving average price is $25.40 and its two-hundred day moving average price is $23.19.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. The business had revenue of $135.20 million during the quarter, compared to analyst estimates of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. As a group, analysts predict that International General Insurance Holdings Ltd. will post 3.18 EPS for the current year.

Institutional Trading of International General Insurance

A number of hedge funds have recently bought and sold shares of the company. ORG Wealth Partners LLC bought a new position in shares of International General Insurance in the 4th quarter worth approximately $60,000. Quantbot Technologies LP purchased a new stake in International General Insurance during the fourth quarter valued at approximately $87,000. PNC Financial Services Group Inc. bought a new position in International General Insurance in the fourth quarter worth approximately $95,000. State of Wyoming purchased a new position in shares of International General Insurance during the 4th quarter worth $107,000. Finally, Geneos Wealth Management Inc. purchased a new position in shares of International General Insurance during the 4th quarter worth $177,000. 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.