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

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 19,100 shares, an increase of 151.3% from the August 15th total of 7,600 shares. Based on an average trading volume of 76,800 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the shares of the company are short sold.

International General Insurance Price Performance

Shares of IGIC traded up $0.51 on Friday, hitting $18.16. The company’s stock had a trading volume of 35,609 shares, compared to its average volume of 67,868. The company has a market capitalization of $836.70 million, a PE ratio of 6.73 and a beta of 0.23. International General Insurance has a fifty-two week low of $10.68 and a fifty-two week high of $18.74. The company has a 50 day moving average price of $16.65 and a 200 day moving average price of $14.76.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. International General Insurance had a return on equity of 25.74% and a net margin of 23.40%. The firm had revenue of $135.60 million during the quarter.

International General Insurance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Friday, August 30th. International General Insurance’s payout ratio is presently 3.70%.

Hedge Funds Weigh In On International General Insurance

A number of institutional investors have recently modified their holdings of the stock. Sei Investments Co. increased its holdings in shares of International General Insurance by 198.4% in the first quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock valued at $1,629,000 after purchasing an additional 80,000 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of International General Insurance by 35.8% in the 1st quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock valued at $2,216,000 after buying an additional 43,204 shares during the period. Navellier & Associates Inc. bought a new stake in shares of International General Insurance during the fourth quarter worth $761,000. Boston Partners acquired a new position in shares of International General Insurance during the fourth quarter valued at $780,000. Finally, Simplicity Wealth LLC bought a new position in International General Insurance in the second quarter valued at about $152,000. 54.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada upped their target price on International General Insurance from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th.

International General Insurance Company Profile

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.