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

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

Hedge Funds Weigh In On International General Insurance

A number of large investors have recently bought and sold shares of the company. 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 last quarter. ORG Wealth Partners LLC acquired a new stake in shares of International General Insurance in the 4th quarter valued at approximately $60,000. JPMorgan Chase & Co. boosted its holdings in shares of International General Insurance by 26.8% in the 3rd 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 last quarter. Kingsview Wealth Management LLC acquired a new stake in shares of International General Insurance in the 3rd quarter valued at approximately $265,000. Finally, Interval Partners LP boosted its holdings in shares of International General Insurance by 15.5% in the 2nd quarter. Interval Partners LP now owns 114,650 shares of the company’s stock valued at $1,605,000 after buying an additional 15,379 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Stock Down 2.6 %

Shares of IGIC traded down $0.65 on Friday, hitting $23.98. The company’s stock had a trading volume of 87,657 shares, compared to its average volume of 81,158. The firm’s fifty day moving average price is $24.62 and its 200-day moving average price is $20.30. International General Insurance has a fifty-two week low of $11.51 and a fifty-two week high of $27.00. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 7.84 and a beta of 0.27.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.11. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The business had revenue of $138.10 million during the quarter. As a group, equities analysts predict that International General Insurance will post 2.91 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Oppenheimer assumed coverage on International General Insurance in a report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price objective for the company. Royal Bank of Canada boosted their price objective 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 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.