International General Insurance (NASDAQ:IGIC) Hits New 52-Week High – Here’s Why

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $23.91 and last traded at $23.70, with a volume of 68080 shares traded. The stock had previously closed at $21.60.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada lifted their price objective 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 Stock Up 5.3 %

The firm’s 50-day simple moving average is $19.22 and its 200-day simple moving average is $16.46. The firm has a market capitalization of $1.04 billion, a P/E ratio of 8.92 and a beta of 0.21.

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

International General Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Monday, September 2nd were issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Friday, August 30th. International General Insurance’s payout ratio is currently 3.92%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IGIC. Sei Investments Co. grew its stake in shares of International General Insurance by 198.4% during the first quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock valued at $1,629,000 after buying an additional 80,000 shares during the last quarter. Acadian Asset Management LLC grew its position in International General Insurance by 35.8% during the 1st quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock worth $2,216,000 after acquiring an additional 43,204 shares during the last quarter. PEAK6 Investments LLC increased its stake in International General Insurance by 33.8% in the 1st quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock worth $541,000 after purchasing an additional 10,083 shares during the period. Virtu Financial LLC bought a new stake in International General Insurance in the first quarter valued at approximately $209,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of International General Insurance during the second quarter valued at approximately $152,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

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.