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

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a large increase in short interest in March. As of March 13th, there was short interest totaling 213,361 shares, an increase of 24.3% from the February 26th total of 171,634 shares. Based on an average trading volume of 61,883 shares, the short-interest ratio is presently 3.4 days. Approximately 0.6% of the shares of the stock are short sold.

International General Insurance Stock Performance

Shares of NASDAQ IGIC traded up $0.53 during mid-day trading on Wednesday, hitting $24.76. The stock had a trading volume of 25,340 shares, compared to its average volume of 64,249. The business has a 50 day moving average price of $24.58 and a two-hundred day moving average price of $23.97. International General Insurance has a 1 year low of $20.82 and a 1 year high of $26.74. The firm has a market cap of $1.11 billion, a P/E ratio of 8.59 and a beta of 0.15.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $126.40 million for the quarter, compared to analyst estimates of $116.40 million. International General Insurance had a return on equity of 16.98% and a net margin of 24.61%. Equities research analysts predict that International General Insurance will post 3.18 EPS for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently disclosed an annual dividend, which will be paid on Monday, April 6th. Investors of record on Wednesday, March 18th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a yield of 497.0%. International General Insurance’s payout ratio is presently 6.97%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IGIC. Royal Bank Of Canada started coverage on shares of International General Insurance in a research report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of International General Insurance in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $28.00.

Institutional Trading of International General Insurance

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC bought a new stake in shares of International General Insurance during the 4th quarter valued at about $56,000. Copeland Capital Management LLC bought a new stake in International General Insurance during the third quarter valued at approximately $64,000. Royal Bank of Canada grew its position in International General Insurance by 16.5% during the fourth quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock valued at $165,000 after buying an additional 929 shares during the period. State of Wyoming increased its holdings in International General Insurance by 179.2% during the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock valued at $160,000 after buying an additional 4,278 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in International General Insurance by 29.2% in the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after acquiring an additional 1,524 shares during the period. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.