International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – Time to Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw strong trading volume on Monday . 108,822 shares traded hands during trading, an increase of 54% from the previous session’s volume of 70,726 shares.The stock last traded at $25.7320 and had previously closed at $25.99.

Wall Street Analysts Forecast Growth

IGIC has been the topic of a number of recent analyst reports. Weiss Ratings raised International General Insurance from a “buy (b-)” rating to a “buy (b+)” rating in a research report on Thursday, August 13th. Royal Bank Of Canada boosted their target price on shares of International General Insurance from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Zacks Research cut shares of International General Insurance from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $30.00.

International General Insurance Stock Down 0.9%

The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 10.35 and a beta of 0.09. The company’s 50-day moving average is $27.25 and its 200-day moving average is $25.91.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.17). International General Insurance had a return on equity of 17.03% and a net margin of 20.68%.The company had revenue of $143.50 million during the quarter, compared to analyst estimates of $114.90 million. Sell-side analysts anticipate that International General Insurance Holdings Ltd. will post 2.61 EPS for the current year.

International General Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Tuesday, August 18th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 18th. International General Insurance’s dividend payout ratio is 12.05%.

Institutional Trading of International General Insurance

Hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC purchased a new stake in shares of International General Insurance in the fourth quarter valued at about $56,000. Royal Bank of Canada grew its holdings in shares of International General Insurance by 16.5% in the 4th quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after acquiring an additional 929 shares during the period. State of Wyoming increased its position in shares of International General Insurance by 179.2% in 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 in the last quarter. Osaic Holdings Inc. increased its holdings in International General Insurance by 29.2% during the 2nd quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock valued at $162,000 after acquiring an additional 1,524 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in International General Insurance by 61.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after buying an additional 2,963 shares in the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Company Profile

International General Insurance Holdings Ltd. (NASDAQ: IGIC) is a specialty insurance and reinsurance company serving commercial and industrial clients, brokers, and other insurance companies. The company underwrites a diversified portfolio of specialty risks, with products covering energy, property, construction and engineering, marine, aviation, financial institutions, political violence, professional liability, and other complex commercial exposures.

IGI operates through a global platform that includes underwriting operations in Bermuda, the United Kingdom, and other international markets.