International General Insurance (NASDAQ:IGIC) Sets New 52-Week High After Earnings Beat

International General Insurance Holdings Ltd. (NASDAQ:IGIC) hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $27.76 and last traded at $27.33, with a volume of 33039 shares traded. The stock had previously closed at $26.37.

The company reported $0.89 earnings per share 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 company had revenue of $135.20 million during the quarter, compared to analyst estimates of $136.20 million.

Analysts Set New Price Targets

IGIC has been the topic of a number of research analyst reports. Royal Bank of Canada boosted their price target on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Oppenheimer initiated coverage on International General Insurance in a report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price target on the stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IGIC. Diamond Hill Capital Management Inc. purchased a new position in shares of International General Insurance during the 3rd quarter worth approximately $3,338,000. Sowell Financial Services LLC purchased a new position in shares of International General Insurance during the 4th quarter worth approximately $2,233,000. Deroy & Devereaux Private Investment Counsel Inc. grew its holdings in shares of International General Insurance by 31.6% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after acquiring an additional 45,455 shares during the period. Franklin Resources Inc. purchased a new position in shares of International General Insurance during the 4th quarter worth approximately $830,000. Finally, Navellier & Associates Inc. grew its holdings in shares of International General Insurance by 73.4% during the 4th 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 period. Hedge funds and other institutional investors own 54.24% of the company’s stock.

International General Insurance Trading Up 0.8 %

The business has a fifty day simple moving average of $24.89 and a two-hundred day simple moving average of $22.25. The stock has a market cap of $1.22 billion, a PE ratio of 8.69 and a beta of 0.27.

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.