International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Large Growth in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) saw a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 152,400 shares, a growth of 45.1% from the January 31st total of 105,000 shares. Approximately 1.0% of the company's stock are short sold. Based on an average daily trading volume, of 96,900 shares, the short-interest ratio is presently 1.6 days.

Hedge Funds Weigh In On International General Insurance

Institutional investors and hedge funds have recently made changes to their positions in the business. Diamond Hill Capital Management Inc. acquired a new stake in International General Insurance in the third quarter valued at $3,338,000. Sowell Financial Services LLC bought a new stake in shares of International General Insurance in the 4th quarter worth about $2,233,000. Franklin Resources Inc. acquired a new stake in shares of International General Insurance in the 4th quarter valued at about $830,000. Navellier & Associates Inc. lifted its position in shares of International General Insurance by 73.4% during the fourth 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. Finally, Shay Capital LLC lifted its position in shares of International General Insurance by 13.1% during the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company's stock worth $5,388,000 after purchasing an additional 26,210 shares during the last quarter. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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International General Insurance Trading Up 1.4 %

IGIC stock traded up $0.34 during trading on Friday, reaching $24.78. The stock had a trading volume of 110,075 shares, compared to its average volume of 85,515. The firm has a fifty day moving average price of $25.02 and a 200 day moving average price of $22.57. The company has a market capitalization of $1.14 billion, a P/E ratio of 8.10 and a beta of 0.26. International General Insurance has a 1-year low of $12.36 and a 1-year high of $27.76.

International General Insurance (NASDAQ:IGIC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.01. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The firm had revenue of $135.20 million during the quarter, compared to the consensus estimate of $136.20 million. Sell-side analysts predict that International General Insurance will post 3.18 EPS for the current year.

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.