International General Insurance (NASDAQ:IGIC) Sees Strong Trading Volume – Here’s Why

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw unusually-strong trading volume on Monday . Approximately 175,156 shares traded hands during mid-day trading, an increase of 68% from the previous session’s volume of 104,275 shares.The stock last traded at $23.54 and had previously closed at $23.90.

Analysts Set New Price Targets

A number of research firms have recently commented on IGIC. Royal Bank of Canada increased their price target on shares of International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Oppenheimer assumed coverage on International General Insurance in a report on Thursday, November 21st. They issued an “outperform” rating and a $30.00 target price for the company.

International General Insurance Stock Performance

The business’s fifty day moving average price is $24.42 and its 200-day moving average price is $19.83. The stock has a market cap of $1.10 billion, a PE ratio of 7.84 and a beta of 0.27.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.11. The company had revenue of $138.10 million for the quarter. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. Analysts forecast that International General Insurance Holdings Ltd. will post 2.91 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd were issued a $0.025 dividend. 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 is 3.27%.

Institutional Trading of International General Insurance

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of International General Insurance by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock valued at $530,000 after acquiring an additional 859 shares during the period. JPMorgan Chase & Co. boosted 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 worth $320,000 after purchasing an additional 3,562 shares during the period. LSV Asset Management purchased a new stake in shares of International General Insurance in the second quarter worth $179,000. Kingsview Wealth Management LLC bought a new stake in shares of International General Insurance during the 3rd quarter valued at $265,000. Finally, Interval Partners LP lifted its stake in shares of International General Insurance by 15.5% during 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 in the last quarter. 54.24% of the stock is currently owned by 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.