International General Insurance (NASDAQ:IGIC) Stock Price Up 8.9% – Still a Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares traded up 8.9% during mid-day trading on Tuesday . The stock traded as high as $22.93 and last traded at $23.18. 17,351 shares were traded during trading, a decline of 81% from the average session volume of 92,078 shares. The stock had previously closed at $21.29.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IGIC. Oppenheimer increased their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Royal Bank of Canada upped their price target on shares of International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th.

International General Insurance Stock Performance

The company has a 50 day simple moving average of $25.51 and a two-hundred day simple moving average of $23.91. The firm has a market cap of $1.08 billion, a PE ratio of 7.82 and a beta of 0.05.

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

International General Insurance Dividend Announcement

The firm also recently announced a — dividend, which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a dividend yield of 0.4%. International General Insurance’s dividend payout ratio (DPR) is presently 3.34%.

Institutional Investors Weigh In On International General Insurance

Hedge funds have recently added to or reduced their stakes in the business. ORG Wealth Partners LLC purchased a new position in shares of International General Insurance during the 4th quarter valued at about $60,000. Quantbot Technologies LP acquired a new stake in International General Insurance during the fourth quarter worth about $87,000. PNC Financial Services Group Inc. purchased a new position in International General Insurance during the fourth quarter valued at approximately $95,000. State of Wyoming acquired a new position in International General Insurance in the fourth quarter valued at approximately $107,000. Finally, Geneos Wealth Management Inc. purchased a new stake in International General Insurance in the 4th quarter worth approximately $177,000. 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.