International General Insurance (NASDAQ:IGIC) Stock Price Expected to Rise, Oppenheimer Analyst Says

International General Insurance (NASDAQ:IGIC) had its target price increased by Oppenheimer from $30.00 to $32.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Separately, Royal Bank of Canada lifted their target price on shares of International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, November 7th.

International General Insurance Price Performance

Shares of IGIC opened at $25.47 on Thursday. The stock’s fifty day moving average price is $24.92 and its two-hundred day moving average price is $22.27. The firm has a market cap of $1.17 billion, a PE ratio of 8.32 and a beta of 0.27. International General Insurance has a 1 year low of $11.51 and a 1 year high of $27.76.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The firm had revenue of $135.20 million for the quarter, compared to analysts’ expectations of $136.20 million. Sell-side analysts anticipate that International General Insurance will post 3.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International General Insurance

Several institutional investors have recently bought and sold shares of the business. Diamond Hill Capital Management Inc. purchased a new stake in International General Insurance in the third quarter valued at about $3,338,000. Sowell Financial Services LLC acquired a new position in shares of International General Insurance during the fourth quarter valued at about $2,233,000. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in International General Insurance by 31.6% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after purchasing an additional 45,455 shares in the last quarter. Franklin Resources Inc. purchased a new stake in International General Insurance during the 4th quarter worth approximately $830,000. Finally, Navellier & Associates Inc. grew its position in International General Insurance by 73.4% during the 4th quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock worth $1,477,000 after purchasing an additional 26,311 shares during the last quarter. 54.24% of the stock is owned by hedge funds and other institutional investors.

About International General Insurance

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.