International General Insurance (NASDAQ:IGIC) Shares Gap Up - Still a Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $19.71, but opened at $21.00. International General Insurance shares last traded at $20.85, with a volume of 198,040 shares.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada upped their price target 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 Up 7.1 %

The company has a market capitalization of $969.55 million, a PE ratio of 8.12 and a beta of 0.23. The company's 50 day moving average is $18.44 and its two-hundred day moving average is $15.95.

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

International General Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Monday, September 2nd were given a dividend of $0.025 per share. The ex-dividend date was Friday, August 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.47%. International General Insurance's dividend payout ratio is currently 3.92%.

Institutional Investors Weigh In On International General Insurance

Several large investors have recently bought and sold shares of IGIC. Simplicity Wealth LLC purchased a new stake in International General Insurance during the second quarter valued at approximately $152,000. LSV Asset Management purchased a new stake in International General Insurance during the 2nd quarter valued at $179,000. Virtu Financial LLC purchased a new stake in International General Insurance during the 1st quarter valued at $209,000. Exchange Traded Concepts LLC bought a new stake in International General Insurance in the third quarter worth $303,000. Finally, Victory Capital Management Inc. purchased a new position in International General Insurance during the second quarter worth $229,000. Institutional investors own 54.24% of the company's stock.

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.