International General Insurance (NASDAQ:IGIC) Given New $26.00 Price Target at Royal Bank of Canada

International General Insurance (NASDAQ:IGIC) had its price target upped by Royal Bank of Canada from $22.00 to $26.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

International General Insurance Stock Down 1.4 %

International General Insurance stock traded down $0.34 during mid-day trading on Thursday, reaching $23.76. 175,042 shares of the company’s stock traded hands, compared to its average volume of 76,491. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 7.97 and a beta of 0.21. The stock has a 50 day moving average of $19.43 and a two-hundred day moving average of $16.55. International General Insurance has a 12-month low of $10.83 and a 12-month high of $25.50.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $138.10 million for the quarter.

International General Insurance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Monday, September 2nd 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 was Friday, August 30th. International General Insurance’s dividend payout ratio (DPR) is 3.27%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Diamond Hill Capital Management Inc. bought a new position in International General Insurance during the third quarter valued at $3,338,000. Deroy & Devereaux Private Investment Counsel Inc. grew its holdings in shares of International General Insurance by 31.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock worth $3,597,000 after purchasing an additional 45,455 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of International General Insurance in the third quarter worth about $303,000. Mackenzie Financial Corp bought a new position in shares of International General Insurance in the second quarter worth about $411,000. Finally, Marshall Wace LLP grew its holdings in shares of 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 purchasing an additional 67,809 shares during the last quarter. 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.