International General Insurance (NASDAQ:IGIC) Shares Up 8.9% - Here's Why

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report)'s stock price shot up 8.9% on Tuesday . The company traded as high as $22.93 and last traded at $23.18. 17,351 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 92,078 shares. The stock had previously closed at $21.29.

Analyst Upgrades and Downgrades

IGIC has been the topic of a number of research reports. Royal Bank of Canada raised their target price on shares of International General Insurance from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, February 27th. Oppenheimer lifted their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 27th.

International General Insurance Stock Performance

The business has a 50 day moving average of $25.49 and a two-hundred day moving average of $23.95. The stock has a market capitalization of $1.09 billion, a PE ratio of 7.88 and a beta of 0.05.

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

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International General Insurance Dividend Announcement

The company also recently announced a -- dividend, which will be paid on Tuesday, April 22nd. Shareholders of record on Friday, April 4th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a yield of 0.4%. International General Insurance's dividend payout ratio (DPR) is 3.34%.

Hedge Funds Weigh In On International General Insurance

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in International General Insurance by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company's stock worth $530,000 after buying an additional 859 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of International General Insurance during the third quarter worth about $372,000. JPMorgan Chase & Co. increased its holdings in shares of International General Insurance by 26.8% during the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company's stock valued at $320,000 after acquiring an additional 3,562 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of International General Insurance in the 4th quarter valued at approximately $60,000. Finally, Geneos Wealth Management Inc. purchased a new stake in International General Insurance during the 4th quarter worth approximately $177,000. 54.24% of the stock is 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.