Royal Bank of Canada Issues Positive Forecast for International General Insurance (NASDAQ:IGIC) Stock Price

International General Insurance (NASDAQ:IGIC) had its target price boosted by equities research analysts at Royal Bank of Canada from $22.00 to $26.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 9.43% from the stock’s current price.

International General Insurance Stock Down 1.4 %

IGIC traded down $0.34 during mid-day trading on Thursday, reaching $23.76. 175,044 shares of the company traded hands, compared to its average volume of 76,491. The stock has a market capitalization of $1.09 billion, a P/E ratio of 7.76 and a beta of 0.21. The company’s fifty day moving average price is $19.54 and its 200-day moving average price is $16.63. International General Insurance has a 52-week low of $10.83 and a 52-week high of $25.50.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping the consensus estimate 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 during the quarter.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. lifted its holdings in shares of International General Insurance by 112.5% in the 2nd quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock valued at $3,580,000 after acquiring an additional 135,400 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of International General Insurance by 35.1% in the 2nd quarter. Acadian Asset Management LLC now owns 221,120 shares of the company’s stock valued at $3,095,000 after acquiring an additional 57,399 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of International General Insurance by 31.6% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after acquiring an additional 45,455 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of International General Insurance in the 3rd quarter valued at about $3,338,000. Finally, Interval Partners LP lifted its holdings in shares of International General Insurance by 15.5% in the 2nd quarter. Interval Partners LP now owns 114,650 shares of the company’s stock valued at $1,605,000 after acquiring an additional 15,379 shares during the last quarter. Institutional investors own 54.24% of the company’s stock.

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.