International General Insurance (NASDAQ:IGIC) Hits New 52-Week High – Should You Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.43 and last traded at $27.44, with a volume of 22887 shares trading hands. The stock had previously closed at $26.99.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $28.00.

International General Insurance Price Performance

The business’s 50-day moving average price is $25.43 and its two-hundred day moving average price is $25.02. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 9.95 and a beta of 0.11.

International General Insurance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.075 per share. This is a boost from International General Insurance’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, May 28th. This represents a $0.30 dividend on an annualized basis and a yield of 1.1%. International General Insurance’s dividend payout ratio is 10.83%.

Hedge Funds Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its holdings in shares of International General Insurance by 0.4% during the 4th quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company’s stock worth $9,948,000 after purchasing an additional 1,661 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in International General Insurance by 35.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company’s stock valued at $9,291,000 after purchasing an additional 96,536 shares in the last quarter. Shay Capital LLC raised its stake in International General Insurance by 13.1% in the third quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock valued at $5,515,000 after purchasing an additional 27,444 shares in the last quarter. CWA Asset Management Group LLC lifted its position in International General Insurance by 3.4% during the fourth quarter. CWA Asset Management Group LLC now owns 85,104 shares of the company’s stock worth $2,135,000 after purchasing an additional 2,817 shares during the period. Finally, Raymond James Financial Inc. lifted its position in International General Insurance by 16.7% during the third quarter. Raymond James Financial Inc. now owns 60,225 shares of the company’s stock worth $1,397,000 after purchasing an additional 8,639 shares during the period. 54.24% of the stock is owned by institutional investors and hedge funds.

International General Insurance Company Profile

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.