International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Down 27.0% in December

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totaling 154,136 shares, a decline of 27.0% from the November 30th total of 211,185 shares. Based on an average daily volume of 40,583 shares, the short-interest ratio is presently 3.8 days. Approximately 0.4% of the company’s shares are sold short. Approximately 0.4% of the company’s shares are sold short. Based on an average daily volume of 40,583 shares, the short-interest ratio is presently 3.8 days.

Institutional Trading of International General Insurance

A number of hedge funds have recently modified their holdings of the company. Millennium Management LLC bought a new position in International General Insurance during the 3rd quarter worth approximately $213,000. Aquatic Capital Management LLC raised its holdings in International General Insurance by 31.8% in the third quarter. Aquatic Capital Management LLC now owns 12,255 shares of the company’s stock worth $284,000 after purchasing an additional 2,959 shares during the period. Raymond James Financial Inc. boosted its position in shares of International General Insurance by 16.7% during the third quarter. Raymond James Financial Inc. now owns 60,225 shares of the company’s stock worth $1,397,000 after purchasing an additional 8,639 shares in the last quarter. Shay Capital LLC grew its holdings in shares of International General Insurance by 13.1% in the 3rd quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock valued at $5,515,000 after buying an additional 27,444 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of International General Insurance in the 3rd quarter valued at $237,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on IGIC shares. Royal Bank Of Canada started coverage on International General Insurance in a research report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 price target on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of International General Insurance in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $30.00.

International General Insurance Stock Performance

Shares of IGIC traded down $0.22 during trading hours on Wednesday, hitting $25.09. 23,202 shares of the company were exchanged, compared to its average volume of 100,619. The firm’s 50 day moving average is $23.67 and its 200-day moving average is $23.68. International General Insurance has a 52 week low of $20.82 and a 52 week high of $27.76. The company has a market cap of $1.12 billion, a PE ratio of 9.09 and a beta of 0.17.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). The firm had revenue of $128.60 million during the quarter, compared to analyst estimates of $135.40 million. International General Insurance had a return on equity of 18.36% and a net margin of 23.76%. As a group, equities analysts forecast that International General Insurance will post 3.18 earnings per share for the current fiscal year.

International General Insurance announced that its board has approved a share repurchase plan 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 plans are typically a sign that the company’s management believes its stock is undervalued.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, December 17th. International General Insurance’s payout ratio is currently 7.25%.

International General Insurance Company Profile

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.