Oppenheimer Issues Positive Forecast for International General Insurance (NASDAQ:IGIC) Stock Price

International General Insurance (NASDAQ:IGIC) had its price target lifted by equities researchers at Oppenheimer from $30.00 to $32.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective would indicate a potential upside of 20.39% from the stock’s current price.

Separately, Royal Bank of Canada upped their price target on 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

Shares of NASDAQ IGIC opened at $26.58 on Thursday. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 8.69 and a beta of 0.27. The firm’s 50 day simple moving average is $24.89 and its 200-day simple moving average is $22.25. International General Insurance has a 12 month low of $11.51 and a 12 month high of $27.76.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. The company had revenue of $135.20 million for the quarter, compared to analyst estimates of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. Analysts anticipate that International General Insurance will post 3.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IGIC. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in shares of International General Insurance by 31.6% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after purchasing an additional 45,455 shares in the last quarter. Geode Capital Management LLC increased its stake 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 buying an additional 859 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of International General Insurance during the third quarter valued at approximately $3,338,000. JPMorgan Chase & Co. lifted its position in shares of International General Insurance by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after acquiring an additional 3,562 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its stake in shares of International General Insurance by 73.4% in the fourth quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock worth $1,477,000 after acquiring an additional 26,311 shares during the last quarter. 54.24% of the stock is owned by hedge funds and other institutional investors.

About International General Insurance

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.