Short Interest in International General Insurance Holdings Ltd. (NASDAQ:IGIC) Decreases By 16.7%

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 111,100 shares, a decrease of 16.7% from the March 15th total of 133,400 shares. Approximately 0.7% of the company’s stock are sold short. Based on an average daily volume of 100,800 shares, the days-to-cover ratio is currently 1.1 days.

Hedge Funds Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently made changes to their positions in IGIC. ORG Wealth Partners LLC acquired a new position in International General Insurance in the 4th quarter valued at $60,000. Quantbot Technologies LP acquired a new position in International General Insurance during the 4th quarter worth approximately $87,000. PNC Financial Services Group Inc. purchased a new position in shares of International General Insurance during the 4th quarter worth approximately $95,000. State of Wyoming purchased a new stake in shares of International General Insurance in the fourth quarter valued at approximately $107,000. Finally, Geneos Wealth Management Inc. acquired a new position in International General Insurance during the fourth quarter worth $177,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

International General Insurance Price Performance

Shares of IGIC traded down $0.56 during mid-day trading on Monday, reaching $24.18. The company’s stock had a trading volume of 38,243 shares, compared to its average volume of 103,499. International General Insurance has a 12-month low of $12.83 and a 12-month high of $27.76. The stock has a market cap of $1.09 billion, a PE ratio of 7.90 and a beta of 0.05. The company’s 50 day moving average is $25.37 and its 200 day moving average is $24.19.

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

International General Insurance Announces Dividend

The company also recently disclosed a — dividend, which will be paid on Tuesday, April 22nd. Shareholders of record on Friday, April 4th will be paid a $0.85 dividend. This represents a yield of 0.4%. The ex-dividend date of this dividend is Friday, April 4th. International General Insurance’s dividend payout ratio is currently 3.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on IGIC shares. Oppenheimer boosted their price objective on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research 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.

About International General Insurance

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.