International General Insurance (NASDAQ:IGIC) Sees Large Volume Increase – What’s Next?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares saw unusually-strong trading volume on Wednesday . Approximately 71,355 shares traded hands during mid-day trading, an increase of 38% from the previous session’s volume of 51,768 shares.The stock last traded at $23.75 and had previously closed at $23.65.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of International General Insurance in a research note on Wednesday, October 8th. Royal Bank Of Canada assumed coverage on shares of International General Insurance in a report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $30.00.

International General Insurance Stock Down 0.2%

The stock has a fifty day moving average of $24.17 and a two-hundred day moving average of $23.77. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 8.52 and a beta of 0.16.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.87 EPS 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 analysts’ expectations of $135.40 million. International General Insurance had a return on equity of 18.36% and a net margin of 23.76%. Equities research analysts anticipate that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were issued a $0.05 dividend. The ex-dividend date was Wednesday, December 17th. This represents a $0.20 annualized dividend and a yield of 0.9%. International General Insurance’s dividend payout ratio (DPR) is presently 7.25%.

International General Insurance declared that its Board of Directors has authorized a share repurchase plan on Wednesday, November 5th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On International General Insurance

Large investors have recently made changes to their positions in the business. Copeland Capital Management LLC purchased a new stake in International General Insurance during the 3rd quarter worth $64,000. State of Wyoming lifted its stake in shares of International General Insurance by 179.2% during the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after purchasing an additional 4,278 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of International General Insurance by 29.2% in the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after buying an additional 1,524 shares during the period. BNP Paribas Financial Markets grew its stake in shares of International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after buying an additional 2,963 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of International General Insurance in the third quarter valued at about $213,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.