Royal Bank Of Canada Initiates Coverage on International General Insurance (NASDAQ:IGIC)

Analysts at Royal Bank Of Canada began coverage on shares of International General Insurance (NASDAQ:IGIC) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm set an “outperform” rating and a $28.00 price target on the stock. Royal Bank Of Canada’s target price points to a potential upside of 11.11% from the company’s previous close.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of International General Insurance in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, International General Insurance has a consensus rating of “Buy” and an average target price of $30.00.

International General Insurance Trading Up 0.8%

IGIC stock opened at $25.20 on Tuesday. International General Insurance has a 1-year low of $20.82 and a 1-year high of $27.76. The business’s 50 day moving average is $23.14 and its 200-day moving average is $23.52. The firm has a market cap of $1.12 billion, a P/E ratio of 9.13 and a beta of 0.17.

International General Insurance (NASDAQ:IGIC) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.87 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.04). International General Insurance had a net margin of 23.76% and a return on equity of 18.36%. The company had revenue of $128.60 million during the quarter, compared to analyst estimates of $135.40 million. Sell-side analysts forecast that International General Insurance will post 3.18 EPS for the current year.

International General Insurance declared that its board has authorized a stock repurchase program on Wednesday, November 5th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to buy up to 0.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently made changes to their positions in IGIC. Invesco Ltd. boosted its holdings in International General Insurance by 33.6% in the first quarter. Invesco Ltd. now owns 43,599 shares of the company’s stock valued at $1,147,000 after acquiring an additional 10,954 shares during the last quarter. New Vernon Investment Management LLC raised its holdings in International General Insurance by 1,293.5% during the 1st quarter. New Vernon Investment Management LLC now owns 59,267 shares of the company’s stock worth $1,559,000 after purchasing an additional 55,014 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in International General Insurance by 55.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,208 shares of the company’s stock valued at $163,000 after purchasing an additional 2,208 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of International General Insurance by 13.0% in the 1st quarter. Russell Investments Group Ltd. now owns 409,043 shares of the company’s stock valued at $10,762,000 after purchasing an additional 46,961 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of International General Insurance during the 1st quarter worth approximately $252,000. 54.24% of the stock is owned by institutional investors and hedge funds.

International General Insurance Company Profile

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.