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

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw unusually-high trading volume on Friday . Approximately 50,534 shares changed hands during trading, a decline of 18% from the previous session’s volume of 61,672 shares.The stock last traded at $23.6950 and had previously closed at $23.72.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on IGIC shares. Royal Bank Of Canada began coverage on International General Insurance in a report on Tuesday, December 16th. They issued an “outperform” rating and a $28.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $28.00.

International General Insurance Trading Down 0.2%

The firm has a market cap of $1.06 billion, a P/E ratio of 8.23 and a beta of 0.15. The company’s 50-day moving average is $24.74 and its two-hundred day moving average is $24.03.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $126.40 million during the quarter, compared to analyst estimates of $116.40 million. International General Insurance had a return on equity of 16.98% and a net margin of 24.61%. Research analysts anticipate that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

International General Insurance Announces Dividend

The business also recently declared an annual dividend, which will be paid on Monday, April 6th. Investors of record on Wednesday, March 18th will be issued a dividend of $1.15 per share. The ex-dividend date is Wednesday, March 18th. This represents a yield of 460.0%. International General Insurance’s dividend payout ratio is 6.97%.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds have recently bought and sold shares of the company. Royce & Associates LP grew its stake in shares of International General Insurance by 3.3% in the 3rd quarter. Royce & Associates LP now owns 3,173,626 shares of the company’s stock worth $73,628,000 after acquiring an additional 100,464 shares in the last quarter. Russell Investments Group Ltd. grew its position in International General Insurance by 0.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company’s stock worth $9,948,000 after purchasing an additional 1,661 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of International General Insurance by 35.3% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company’s stock worth $9,291,000 after buying an additional 96,536 shares in the last quarter. Shay Capital LLC grew its holdings in shares of International General Insurance by 13.1% in the third quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock valued at $5,515,000 after acquiring an additional 27,444 shares in the last quarter. Finally, CWA Asset Management Group LLC lifted its holdings in International General Insurance by 3.4% during the fourth quarter. CWA Asset Management Group LLC now owns 85,104 shares of the company’s stock worth $2,135,000 after acquiring an additional 2,817 shares during the period. 54.24% of the stock is owned by hedge funds and other institutional investors.

About International General Insurance

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.