International General Insurance (NASDAQ:IGIC) Sets New 12-Month High on Analyst Upgrade

International General Insurance Holdings Ltd. (NASDAQ:IGIC) reached a new 52-week high during mid-day trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $28.00 to $30.00. Royal Bank Of Canada currently has an outperform rating on the stock. International General Insurance traded as high as $28.84 and last traded at $28.53, with a volume of 147343 shares traded. The stock had previously closed at $28.19.

Separately, Weiss Ratings lowered shares of International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $30.00.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. boosted its position in 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 worth $9,291,000 after purchasing an additional 96,536 shares during the period. CWA Asset Management Group LLC raised its position in shares of 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 purchasing an additional 2,817 shares during the period. Aquatic Capital Management LLC lifted its stake in shares of International General Insurance by 31.8% during the 3rd quarter. Aquatic Capital Management LLC now owns 12,255 shares of the company’s stock worth $284,000 after buying an additional 2,959 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of International General Insurance during the 3rd quarter worth about $237,000. Finally, IHT Wealth Management LLC bought a new stake in shares of International General Insurance during the 2nd quarter worth about $233,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Stock Performance

The firm has a market cap of $1.22 billion, a P/E ratio of 10.30 and a beta of 0.11. The firm’s fifty day moving average is $25.73 and its 200 day moving average is $25.19.

International General Insurance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.1%. 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%.

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.