International General Insurance (NASDAQ:IGIC) Sees Unusually-High Trading Volume – Time to Buy?

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw strong trading volume on Thursday . 133,231 shares changed hands during mid-day trading, an increase of 124% from the previous session’s volume of 59,560 shares.The stock last traded at $25.34 and had previously closed at $25.24.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $28.00.

International General Insurance Stock Performance

The stock has a market cap of $1.08 billion, a PE ratio of 9.07 and a beta of 0.12. The firm has a fifty day moving average price of $25.50 and a 200 day moving average price of $24.87.

International General Insurance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.2%. This is a boost from International General Insurance’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, May 28th. International General Insurance’s dividend payout ratio (DPR) is 10.83%.

Hedge Funds Weigh In On International General Insurance

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in International General Insurance by 83.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after purchasing an additional 6,872 shares in the last quarter. Raymond James Financial Inc. increased its stake in International General Insurance by 220.3% during the 2nd quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock valued at $1,239,000 after purchasing an additional 35,480 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock worth $188,000 after buying an additional 2,963 shares during the last quarter. IHT Wealth Management LLC acquired a new stake in shares of International General Insurance during the second quarter worth $233,000. Finally, Shay Capital LLC grew its holdings in shares of International General Insurance by 5.4% during the second quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock valued at $5,050,000 after buying an additional 10,823 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.