International General Insurance (NASDAQ:IGIC) Reaches New 12-Month High - Still a Buy?

Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $23.38 and last traded at $23.08, with a volume of 84653 shares trading hands. The stock had previously closed at $22.39.

Analyst Ratings Changes

Separately, Royal Bank of Canada lifted their price objective on International General Insurance from $17.00 to $19.00 and gave the stock an "outperform" rating in a research note on Thursday, August 8th.

International General Insurance Stock Performance

The stock's 50 day moving average price is $18.89 and its 200 day moving average price is $16.20. The company has a market capitalization of $1.06 billion, a P/E ratio of 9.02 and a beta of 0.23.

International General Insurance (NASDAQ:IGIC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.12. The business had revenue of $135.60 million for the quarter. International General Insurance had a net margin of 23.40% and a return on equity of 25.74%.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd were issued a $0.025 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.10 dividend on an annualized basis and a yield of 0.43%. International General Insurance's payout ratio is currently 3.92%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sei Investments Co. increased its stake in International General Insurance by 198.4% in the first quarter. Sei Investments Co. now owns 120,319 shares of the company's stock valued at $1,629,000 after purchasing an additional 80,000 shares in the last quarter. Mackenzie Financial Corp bought a new stake in International General Insurance in the 2nd quarter valued at about $411,000. Acadian Asset Management LLC raised its stake in International General Insurance by 35.8% during the 1st quarter. Acadian Asset Management LLC now owns 163,721 shares of the company's stock worth $2,216,000 after buying an additional 43,204 shares during the period. Marshall Wace LLP boosted its holdings in International General Insurance by 276.8% in the second quarter. Marshall Wace LLP now owns 92,308 shares of the company's stock worth $1,292,000 after acquiring an additional 67,809 shares in the last quarter. Finally, Simplicity Wealth LLC acquired a new stake in International General Insurance in the second quarter valued at approximately $152,000. 54.24% of the stock is owned by institutional investors.

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.