International General Insurance (NASDAQ:IGIC) Stock Rating Lowered by Zacks Research

International General Insurance (NASDAQ:IGIC) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on IGIC. Weiss Ratings lowered shares of International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Royal Bank Of Canada increased their price objective on shares of International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.00.

International General Insurance Stock Performance

Shares of International General Insurance stock opened at $27.71 on Monday. The firm has a 50-day moving average of $25.78 and a 200-day moving average of $25.20. International General Insurance has a 52-week low of $20.82 and a 52-week high of $28.84. The stock has a market cap of $1.18 billion, a PE ratio of 10.00 and a beta of 0.11.

Institutional Investors Weigh In On International General Insurance

Several hedge funds have recently modified their holdings of IGIC. Diamond Hill Capital Management Inc. raised its stake in shares of International General Insurance by 35.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company’s stock valued at $9,291,000 after acquiring an additional 96,536 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of International General Insurance by 220.3% in the second quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after purchasing an additional 35,480 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in International General Insurance in the fourth quarter valued at $810,000. Goldman Sachs Group Inc. increased its holdings in International General Insurance by 214.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 46,436 shares of the company’s stock valued at $1,165,000 after purchasing an additional 31,675 shares during the period. Finally, Shay Capital LLC raised its position in International General Insurance by 13.1% during the 3rd quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock worth $5,515,000 after purchasing an additional 27,444 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Company Profile

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.