International General Insurance (NASDAQ:IGIC) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of International General Insurance (NASDAQ:IGIC) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $30.00 target price on the stock.

Separately, Royal Bank of Canada raised their target price on 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 Trading Down 0.2 %

Shares of International General Insurance stock opened at $25.98 on Thursday. The firm’s 50 day moving average is $20.97 and its 200 day moving average is $17.46. The firm has a market capitalization of $1.19 billion, a PE ratio of 8.49 and a beta of 0.21. International General Insurance has a 1 year low of $11.46 and a 1 year high of $27.00.

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

International General Insurance Dividend Announcement

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

Institutional Investors Weigh In On International General Insurance

A number of institutional investors have recently modified their holdings of the company. Sei Investments Co. boosted its position in International General Insurance by 198.4% during the first quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock valued at $1,629,000 after acquiring an additional 80,000 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of International General Insurance during the 2nd quarter valued at about $411,000. Marshall Wace LLP grew its stake in International General Insurance by 276.8% during the second quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after purchasing an additional 67,809 shares during the period. Acadian Asset Management LLC increased its holdings in 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 purchasing an additional 57,399 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted 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 period. 54.24% of the stock is owned by institutional investors.

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.