International General Insurance (NASDAQ:IGIC) Earns Outperform Rating from Analysts at Oppenheimer

Equities research analysts at Oppenheimer initiated coverage on shares of International General Insurance (NASDAQ:IGIC - Get Free Report) in a report issued on Thursday,Briefing.com Automated Import reports. The firm set an "outperform" rating and a $30.00 price target on the stock. Oppenheimer's target price would suggest a potential upside of 22.25% from the company's current price.

Separately, Royal Bank of Canada boosted 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 Stock Performance

Shares of IGIC stock opened at $24.54 on Thursday. International General Insurance has a 52 week low of $11.46 and a 52 week high of $25.50. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 8.02 and a beta of 0.21. The company has a 50-day simple moving average of $20.64 and a 200 day simple moving average of $17.29.

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

Hedge Funds Weigh In On International General Insurance

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Diamond Hill Capital Management Inc. acquired a new position in International General Insurance during the third quarter valued at approximately $3,338,000. Deroy & Devereaux Private Investment Counsel Inc. bought a new position in shares of International General Insurance in the 2nd quarter valued at $2,014,000. Sei Investments Co. raised its holdings in shares of International General Insurance by 112.5% during the 2nd quarter. Sei Investments Co. now owns 255,719 shares of the company's stock worth $3,580,000 after buying an additional 135,400 shares in the last quarter. Marshall Wace LLP lifted its position in shares of International General Insurance by 276.8% during the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company's stock worth $1,292,000 after buying an additional 67,809 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in International General Insurance by 35.1% in the second quarter. Acadian Asset Management LLC now owns 221,120 shares of the company's stock valued at $3,095,000 after buying an additional 57,399 shares in the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.

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