International General Insurance (NASDAQ:IGIC) Sees Unusually-High Trading Volume – Should You Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares saw unusually-strong trading volume on Monday . Approximately 108,822 shares traded hands during mid-day trading, an increase of 54% from the previous session’s volume of 70,726 shares.The stock last traded at $25.7320 and had previously closed at $25.99.

Analyst Upgrades and Downgrades

IGIC has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of International General Insurance from a “buy (b-)” rating to a “buy (b+)” rating in a report on Thursday, August 13th. Zacks Research cut shares of International General Insurance from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, Royal Bank Of Canada lifted their price objective on shares of International General Insurance from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $30.00.

International General Insurance Price Performance

The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.24 and a beta of 0.09. The company’s 50-day simple moving average is $27.16 and its 200-day simple moving average is $25.91.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, August 4th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.17). The firm had revenue of $143.50 million during the quarter, compared to analyst estimates of $114.90 million. International General Insurance had a net margin of 20.68% and a return on equity of 17.03%. Research analysts expect that International General Insurance Holdings Ltd. will post 2.61 earnings per share for the current year.

International General Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 18th. International General Insurance’s dividend payout ratio is currently 12.05%.

Institutional Investors Weigh In On International General Insurance

Hedge funds and other institutional investors have recently modified their holdings of the company. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of International General Insurance in the second quarter valued at about $13,773,000. Diamond Hill Capital Management Inc. raised its stake in International General Insurance by 35.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 370,316 shares of the company’s stock worth $9,291,000 after purchasing an additional 96,536 shares in the last quarter. Hingham Institution for Savings raised its stake in International General Insurance by 45.1% in the 2nd quarter. Hingham Institution for Savings now owns 80,400 shares of the company’s stock worth $2,104,000 after purchasing an additional 25,000 shares in the last quarter. Corsair Capital Management L.P. bought a new stake in International General Insurance in the 1st quarter valued at about $352,000. Finally, Squarepoint Ops LLC bought a new stake in International General Insurance in the 2nd quarter valued at about $244,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

About International General Insurance

International General Insurance Holdings Ltd. (NASDAQ: IGIC) is a specialty insurance and reinsurance company serving commercial and industrial clients, brokers, and other insurance companies. The company underwrites a diversified portfolio of specialty risks, with products covering energy, property, construction and engineering, marine, aviation, financial institutions, political violence, professional liability, and other complex commercial exposures.

IGI operates through a global platform that includes underwriting operations in Bermuda, the United Kingdom, and other international markets.