International General Insurance (NASDAQ:IGIC) Reaches New 1-Year High – Should You Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.11 and last traded at $26.91, with a volume of 4755 shares. The stock had previously closed at $26.77.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of International General Insurance in a report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price target for the company. Royal Bank of Canada upped their price target on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th.

International General Insurance Price Performance

The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 8.70 and a beta of 0.27. The stock has a fifty day moving average of $24.66 and a two-hundred day moving average of $21.88.

Institutional Trading of International General Insurance

A number of institutional investors and hedge funds have recently bought and sold shares of IGIC. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after purchasing an additional 45,455 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in International General Insurance during the 3rd quarter worth about $3,338,000. Kingsview Wealth Management LLC acquired a new stake in International General Insurance during the 3rd quarter worth about $265,000. Geode Capital Management LLC grew its holdings 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, Tidal Investments LLC acquired a new stake in International General Insurance during the 3rd quarter worth about $372,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.