International General Insurance (NASDAQ:IGIC) Cut to Strong Sell at Zacks Research

International General Insurance (NASDAQ:IGIC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research analysts have also weighed in on IGIC. Weiss Ratings lowered International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Royal Bank Of Canada raised their price target on International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, International General Insurance currently has a consensus rating of “Hold” and a consensus target price of $30.00.

International General Insurance Stock Down 2.9%

Shares of IGIC stock opened at $27.71 on Monday. International General Insurance has a 12-month low of $20.82 and a 12-month high of $28.84. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 10.00 and a beta of 0.11. The firm has a fifty day moving average of $25.78 and a 200-day moving average of $25.20.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC acquired a new position in shares of International General Insurance during the 4th quarter worth approximately $56,000. State of Wyoming increased its holdings in shares of International General Insurance by 179.2% in the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock valued at $160,000 after purchasing an additional 4,278 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of International General Insurance by 29.2% during the 2nd quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after buying an additional 1,524 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of International General Insurance by 16.5% during the 4th quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after buying an additional 929 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of International General Insurance by 61.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock worth $188,000 after buying an additional 2,963 shares during the period. 54.24% of the stock is currently owned by institutional investors.

About International General Insurance

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.