Short Interest in International General Insurance Holdings Ltd. (NASDAQ:IGIC) Decreases By 10.6%

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 84,900 shares, a decline of 10.6% from the December 15th total of 95,000 shares. Based on an average trading volume of 128,800 shares, the short-interest ratio is presently 0.7 days. Approximately 0.6% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IGIC. Royal Bank of Canada boosted 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 research report on Thursday, November 21st. They issued an “outperform” rating and a $30.00 price objective on the stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. acquired a new position in shares of International General Insurance in the 3rd quarter valued at $3,338,000. Sei Investments Co. boosted 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 buying an additional 135,400 shares in the last quarter. Marshall Wace LLP raised its position in International General Insurance by 276.8% in the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock valued at $1,292,000 after purchasing an additional 67,809 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its position in 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 purchasing an additional 45,455 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in International General Insurance in the 2nd quarter valued at $411,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Price Performance

IGIC stock traded down $0.65 during midday trading on Friday, hitting $23.98. 87,657 shares of the stock traded hands, compared to its average volume of 81,158. 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 1-year low of $11.51 and a 1-year high of $27.00. The firm has a market cap of $1.10 billion, a P/E ratio of 7.84 and a beta of 0.27.

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

International General Insurance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd were issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend 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 presently 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.