Oppenheimer Increases International General Insurance (NASDAQ:IGIC) Price Target to $32.00

International General Insurance (NASDAQ:IGIC) had its price target lifted by stock analysts at Oppenheimer from $30.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target would indicate a potential upside of 22.65% from the company’s current price.

Separately, Royal Bank of Canada raised their price objective on International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Trading Up 2.4 %

International General Insurance stock opened at $26.09 on Thursday. The stock has a market cap of $1.20 billion, a P/E ratio of 8.53 and a beta of 0.27. The stock has a 50 day moving average of $24.97 and a 200-day moving average of $22.34. International General Insurance has a 52 week low of $11.51 and a 52 week high of $27.76.

International General Insurance (NASDAQ:IGIC) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $136.20 million. As a group, equities analysts predict that International General Insurance will post 3.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International General Insurance

Several large investors have recently added to or reduced their stakes in the company. Deroy & Devereaux Private Investment Counsel Inc. increased its position in International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after buying an additional 45,455 shares during the period. Geode Capital Management LLC increased its position in International General Insurance by 3.2% in the third quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock worth $530,000 after buying an additional 859 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in International General Insurance in the third quarter worth $3,338,000. JPMorgan Chase & Co. increased its position in 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 buying an additional 3,562 shares during the period. Finally, Navellier & Associates Inc. increased its position in International General Insurance by 73.4% in the fourth quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock worth $1,477,000 after buying an additional 26,311 shares during the period. 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.