International General Insurance (NASDAQ:IGIC) Sets New 12-Month High – Here’s What Happened

International General Insurance Holdings Ltd. (NASDAQ:IGIC) hit a new 52-week high during trading on Thursday . The stock traded as high as $27.43 and last traded at $27.44, with a volume of 22887 shares. The stock had previously closed at $26.99.

Wall Street Analysts Forecast Growth

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

International General Insurance Trading Up 2.1%

The business’s 50 day moving average price is $25.43 and its 200-day moving average price is $25.02. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 9.95 and a beta of 0.11.

International General Insurance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were issued a $0.075 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $0.30 annualized dividend and a yield of 1.1%. This is an increase from International General Insurance’s previous quarterly dividend of $0.05. International General Insurance’s payout ratio is currently 10.83%.

Institutional Investors Weigh In On International General Insurance

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in shares of International General Insurance by 83.4% in the second quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock valued at $363,000 after purchasing an additional 6,872 shares during the last quarter. Raymond James Financial Inc. boosted its stake in International General Insurance by 220.3% in 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 during the period. BNP Paribas Financial Markets grew its holdings in International General Insurance by 61.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after buying an additional 2,963 shares in the last quarter. IHT Wealth Management LLC acquired a new position in International General Insurance in the 2nd quarter valued at $233,000. Finally, Shay Capital LLC grew its holdings in International General Insurance by 5.4% in the 2nd 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 in the last quarter. Institutional investors own 54.24% of the company’s stock.

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.