International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Significant Increase in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the target of a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 152,400 shares, an increase of 45.1% from the January 31st total of 105,000 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average daily volume of 96,900 shares, the short-interest ratio is currently 1.6 days.

Institutional Investors Weigh In On International General Insurance

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in shares of International General Insurance by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock worth $530,000 after acquiring an additional 859 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in International General Insurance during the third quarter worth approximately $3,338,000. Navellier & Associates Inc. boosted its position in shares of International General Insurance by 73.4% in the 4th quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after purchasing an additional 26,311 shares during the period. JPMorgan Chase & Co. boosted its stake in International General Insurance by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock worth $320,000 after purchasing an additional 3,562 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new position in shares of International General Insurance during the fourth quarter worth about $177,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Price Performance

Shares of NASDAQ:IGIC traded down $0.85 during trading on Tuesday, reaching $24.56. 102,565 shares of the company were exchanged, compared to its average volume of 85,602. The business’s fifty day simple moving average is $25.00 and its 200-day simple moving average is $22.49. The firm has a market capitalization of $1.13 billion, a PE ratio of 8.03 and a beta of 0.27. International General Insurance has a 12-month low of $12.10 and a 12-month high of $27.76.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.01. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The firm had revenue of $135.20 million for the quarter, compared to the consensus estimate of $136.20 million. On average, sell-side analysts anticipate that International General Insurance will post 3.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Oppenheimer lifted 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, February 27th. Royal Bank of Canada boosted their price target on International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th.

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.