International General Insurance (NASDAQ:IGIC) Hits New 1-Year High – What’s Next?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares hit a new 52-week high on Thursday . The company traded as high as $27.43 and last traded at $27.44, with a volume of 22887 shares changing hands. The stock had previously closed at $26.99.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $28.00.

International General Insurance Price Performance

The stock’s fifty day moving average price is $25.48 and its 200-day moving average price is $25.07. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 9.99 and a beta of 0.11.

International General Insurance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.1%. The ex-dividend date was Thursday, May 28th. This is an increase from International General Insurance’s previous quarterly dividend of $0.05. International General Insurance’s dividend payout ratio (DPR) is presently 10.83%.

Hedge Funds Weigh In On International General Insurance

Large investors have recently modified their holdings of the business. Corsair Capital Management L.P. bought a new stake in International General Insurance during the first quarter worth about $352,000. XTX Topco Ltd bought a new position in International General Insurance in the fourth quarter valued at approximately $291,000. Millennium Management LLC grew its stake in International General Insurance by 138.7% in the fourth quarter. Millennium Management LLC now owns 21,938 shares of the company’s stock valued at $550,000 after purchasing an additional 12,746 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of International General Insurance during the 4th quarter worth approximately $810,000. Finally, Trexquant Investment LP increased its position in shares of International General Insurance by 25.0% during the 4th quarter. Trexquant Investment LP now owns 38,532 shares of the company’s stock worth $967,000 after purchasing an additional 7,713 shares during the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

International General Insurance Company Profile

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.