International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Significant Growth in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 213,361 shares, an increase of 24.3% from the February 26th total of 171,634 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 61,883 shares, the days-to-cover ratio is currently 3.4 days.

Institutional Inflows and Outflows

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

International General Insurance Price Performance

NASDAQ IGIC traded up $0.45 during trading hours on Tuesday, reaching $24.23. The company’s stock had a trading volume of 81,878 shares, compared to its average volume of 69,272. The firm has a fifty day simple moving average of $24.58 and a 200-day simple moving average of $23.97. International General Insurance has a 52 week low of $20.82 and a 52 week high of $26.98. The stock has a market cap of $1.08 billion, a P/E ratio of 8.44 and a beta of 0.15.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, February 24th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $126.40 million for the quarter, compared to analyst estimates of $116.40 million. International General Insurance had a net margin of 24.61% and a return on equity of 16.98%. On average, research analysts expect that International General Insurance will post 3.18 earnings per share for the current year.

International General Insurance Announces Dividend

The business also recently disclosed an annual dividend, which will be paid on Monday, April 6th. Investors of record on Wednesday, March 18th will be issued a $1.15 dividend. This represents a yield of 497.0%. The ex-dividend date is Wednesday, March 18th. International General Insurance’s dividend payout ratio is presently 6.97%.

Wall Street Analyst Weigh In

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

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.