International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Large Drop in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 84,900 shares, a drop of 10.6% from the December 15th total of 95,000 shares. Currently, 0.6% of the company’s shares are short sold. Based on an average daily trading volume, of 128,800 shares, the days-to-cover ratio is currently 0.7 days.

Analysts Set New Price Targets

IGIC has been the subject of several recent analyst reports. Royal Bank of Canada raised their target price on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Oppenheimer began coverage on shares of International General Insurance in a report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price target for the company.

Hedge Funds Weigh In On International General Insurance

Institutional investors and hedge funds have recently bought and sold shares of the stock. ORG Wealth Partners LLC bought a new position in International General Insurance during the fourth quarter worth $60,000. Kingsview Wealth Management LLC bought a new position in International General Insurance during the third quarter worth $265,000. Exchange Traded Concepts LLC bought a new position in International General Insurance during the third quarter worth $303,000. Victory Capital Management Inc. bought a new position in International General Insurance during the second quarter worth $229,000. Finally, JPMorgan Chase & Co. increased its position in International General Insurance by 26.8% during the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock worth $320,000 after acquiring an additional 3,562 shares during the period. Institutional investors own 54.24% of the company’s stock.

International General Insurance Price Performance

IGIC traded down $0.65 during midday trading on Friday, hitting $23.98. 87,657 shares of the company’s stock traded hands, compared to its average volume of 81,158. The company has a market cap of $1.10 billion, a PE ratio of 7.84 and a beta of 0.27. The stock’s fifty day simple moving average is $24.62 and its 200-day simple moving average is $20.30. International General Insurance has a one year low of $11.51 and a one year high of $27.00.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.11. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The firm had revenue of $138.10 million for the quarter. On average, research analysts expect that International General Insurance will post 2.91 EPS for the current year.

International General Insurance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend was Tuesday, December 3rd. International General Insurance’s dividend payout ratio (DPR) is currently 3.27%.

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.