Short Interest in International General Insurance Holdings Ltd. (NASDAQ:IGIC) Grows By 169.7%

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 120,000 shares, a growth of 169.7% from the October 15th total of 44,500 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average trading volume of 95,400 shares, the days-to-cover ratio is presently 1.3 days.

Hedge Funds Weigh In On International General Insurance

Institutional investors and hedge funds have recently bought and sold shares of the business. PEAK6 Investments LLC raised its holdings in shares of International General Insurance by 33.8% during the 1st quarter. PEAK6 Investments LLC now owns 39,927 shares of the company's stock worth $541,000 after acquiring an additional 10,083 shares during the period. Simplicity Wealth LLC acquired a new position in International General Insurance in the 2nd quarter valued at about $152,000. LSV Asset Management acquired a new position in International General Insurance in the 2nd quarter valued at about $179,000. Kingsview Wealth Management LLC purchased a new stake in shares of International General Insurance in the 3rd quarter valued at approximately $265,000. Finally, Interval Partners LP increased its holdings in shares of International General Insurance by 15.5% during the 2nd quarter. Interval Partners LP now owns 114,650 shares of the company's stock worth $1,605,000 after buying an additional 15,379 shares during the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

International General Insurance Price Performance

IGIC stock traded down $0.33 during trading on Wednesday, hitting $24.54. The stock had a trading volume of 187,684 shares, compared to its average volume of 77,569. The company's 50-day moving average price is $19.80 and its two-hundred day moving average price is $16.83. International General Insurance has a twelve month low of $11.02 and a twelve month high of $25.50. The stock has a market capitalization of $1.13 billion, a P/E ratio of 8.16 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.11. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The firm had revenue of $138.10 million for the quarter.

International General Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Monday, September 2nd were paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend was Friday, August 30th. International General Insurance's dividend payout ratio is currently 3.27%.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada increased their price objective on shares of International General Insurance from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, November 7th.

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.