International General Insurance (NASDAQ:IGIC) Trading 4.7% Higher – Here’s Why

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price was up 4.7% on Thursday . The stock traded as high as $26.41 and last traded at $26.83. Approximately 6,925 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 88,336 shares. The stock had previously closed at $25.63.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Oppenheimer raised their price target on shares of International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Royal Bank of Canada lifted their target price on International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th.

International General Insurance Price Performance

The company has a market cap of $1.23 billion, a PE ratio of 8.77 and a beta of 0.26. The company’s 50 day simple moving average is $25.28 and its two-hundred day simple moving average is $23.11.

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, topping analysts’ consensus estimates of $0.88 by $0.01. The firm had revenue of $135.20 million during the quarter, compared to analysts’ expectations of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. Sell-side analysts expect that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

Institutional Investors Weigh In On International General Insurance

Institutional investors and hedge funds have recently modified their holdings of the company. ORG Wealth Partners LLC acquired a new position in International General Insurance in the 4th quarter valued at about $60,000. Quantbot Technologies LP acquired a new position in shares of International General Insurance in the fourth quarter valued at approximately $87,000. PNC Financial Services Group Inc. acquired a new stake in International General Insurance during the 4th quarter worth approximately $95,000. State of Wyoming purchased a new position in International General Insurance in the 4th quarter valued at approximately $107,000. Finally, Geneos Wealth Management Inc. purchased a new position in International General Insurance in the 4th quarter valued at approximately $177,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.