International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Update

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 84,900 shares, a decrease of 10.6% from the December 15th total of 95,000 shares. Approximately 0.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 128,800 shares, the days-to-cover ratio is currently 0.7 days.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IGIC. ORG Wealth Partners LLC purchased a new stake in shares of International General Insurance in the fourth quarter valued at $60,000. JPMorgan Chase & Co. raised its position in International General Insurance by 26.8% during the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after buying an additional 3,562 shares during the period. Tidal Investments LLC purchased a new stake in International General Insurance in the 3rd quarter worth about $372,000. Geode Capital Management LLC boosted its position in 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. Finally, Kingsview Wealth Management LLC purchased a new position in International General Insurance during the 3rd quarter valued at about $265,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

Analyst Ratings Changes

IGIC has been the topic of a number of research analyst reports. Royal Bank of Canada lifted their target price on International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Oppenheimer initiated coverage on shares of International General Insurance in a research note on Thursday, November 21st. They issued an “outperform” rating and a $30.00 price objective on the stock.

International General Insurance Price Performance

Shares of IGIC traded down $0.65 during trading hours on Friday, hitting $23.98. 87,657 shares of the company were exchanged, compared to its average volume of 81,158. The company has a market capitalization of $1.10 billion, a PE ratio of 7.84 and a beta of 0.27. The firm has a fifty day simple moving average of $24.62 and a 200-day simple moving average of $20.30. International General Insurance has a one year low of $11.51 and a one year high of $27.00.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. The business had revenue of $138.10 million during the quarter. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. Sell-side analysts expect that International General Insurance will post 2.91 EPS for the current year.

International General Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.025 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.42%. International General Insurance’s dividend payout ratio is currently 3.27%.

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.