International General Insurance (NASDAQ:IGIC) Shares Up 4.7% After Dividend Announcement

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price rose 4.7% on Thursday following a dividend announcement from the company. The company traded as high as $26.41 and last traded at $26.83. Approximately 6,925 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 88,336 shares. The stock had previously closed at $25.63.

The newly announced dividend which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be given a dividend of $0.85 per share. This represents a yield of 0.4%. The ex-dividend date is Friday, April 4th. International General Insurance’s dividend payout ratio is currently 3.34%.

Analyst Upgrades and Downgrades

IGIC has been the subject of several recent analyst reports. Oppenheimer raised their price target on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Royal Bank of Canada increased their price objective on shares of International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th.

International General Insurance Price Performance

The business’s fifty day moving average price is $25.40 and its two-hundred day moving average price is $23.19. The stock has a market capitalization of $1.21 billion, a PE ratio of 8.57 and a beta of 0.26.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The business had revenue of $135.20 million for the quarter, compared to the consensus estimate of $136.20 million. As a group, equities research analysts anticipate that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On International General Insurance

A number of institutional investors have recently bought and sold shares of IGIC. Shay Capital LLC boosted its holdings in shares of International General Insurance by 13.1% in the 4th quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock valued at $5,388,000 after acquiring an additional 26,210 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in International General Insurance by 8.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 190,563 shares of the company’s stock valued at $4,528,000 after purchasing an additional 14,890 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in International General Insurance by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,825 shares of the company’s stock valued at $4,510,000 after purchasing an additional 525 shares during the last quarter. Renaissance Technologies LLC grew its position in International General Insurance by 22.2% during the 4th quarter. Renaissance Technologies LLC now owns 115,500 shares of the company’s stock worth $2,744,000 after purchasing an additional 21,000 shares during the period. Finally, Sowell Financial Services LLC purchased a new position in shares of International General Insurance during the 4th quarter valued at about $2,233,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

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.