Royal Bank of Canada Issues Positive Forecast for International General Insurance (NASDAQ:IGIC) Stock Price

International General Insurance (NASDAQ:IGIC) had its target price hoisted by research analysts at Royal Bank of Canada from $28.00 to $31.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 17.27% from the stock’s current price.

Separately, Oppenheimer increased their price objective on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday.

International General Insurance Trading Down 0.5 %

Shares of International General Insurance stock traded down $0.15 on Thursday, hitting $26.44. The stock had a trading volume of 32,803 shares, compared to its average volume of 82,858. The company’s 50 day moving average price is $24.89 and its 200 day moving average price is $22.25. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 8.64 and a beta of 0.27. International General Insurance has a 52-week low of $11.51 and a 52-week 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. The business had revenue of $135.20 million during the quarter, compared to the consensus estimate of $136.20 million. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. Analysts predict that International General Insurance will post 3.18 EPS for the current fiscal year.

Institutional Trading of International General Insurance

Several hedge funds have recently made changes to their positions in IGIC. ORG Wealth Partners LLC purchased a new position in International General Insurance during the fourth quarter worth about $60,000. Quantbot Technologies LP purchased a new position in shares of International General Insurance during the 4th quarter worth approximately $87,000. PNC Financial Services Group Inc. purchased a new position in shares of International General Insurance during the 4th quarter worth approximately $95,000. State of Wyoming acquired a new stake in shares of International General Insurance in the 4th quarter valued at approximately $107,000. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of International General Insurance in the fourth quarter valued at approximately $177,000. Institutional investors and hedge funds 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.