Royal Bank of Canada Forecasts Strong Price Appreciation for International General Insurance (NASDAQ:IGIC) Stock

International General Insurance (NASDAQ:IGIC) had its price objective lifted by research analysts at Royal Bank of Canada from $28.00 to $31.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 18.82% from the company’s current price.

Separately, Oppenheimer upped their price target on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday.

International General Insurance Trading Up 2.4 %

Shares of International General Insurance stock opened at $26.09 on Thursday. International General Insurance has a 12 month low of $11.51 and a 12 month high of $27.76. The firm has a market capitalization of $1.20 billion, a P/E ratio of 8.53 and a beta of 0.27. The business has a fifty day simple moving average of $24.97 and a two-hundred day simple moving average of $22.34.

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

Hedge Funds Weigh In On International General Insurance

Hedge funds have recently bought and sold shares of the company. ORG Wealth Partners LLC purchased a new position in International General Insurance in the fourth quarter worth about $60,000. Quantbot Technologies LP bought a new stake in shares of International General Insurance during the fourth quarter valued at approximately $87,000. PNC Financial Services Group Inc. purchased a new position in International General Insurance in the 4th quarter worth approximately $95,000. State of Wyoming bought a new position in International General Insurance in the 4th quarter valued at approximately $107,000. Finally, Geneos Wealth Management Inc. purchased a new stake in International General Insurance during the 4th quarter valued at $177,000. Institutional investors own 54.24% of the company’s stock.

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.