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

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

Other equities analysts have also issued research reports about the company. Weiss Ratings lowered International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note 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 assigned a Sell rating to the company. According to data from MarketBeat, International General Insurance presently has a consensus rating of “Hold” and an average target price of $30.00.

International General Insurance Stock Down 2.9%

NASDAQ IGIC opened at $27.71 on Monday. The firm has a 50-day moving average price of $25.78 and a two-hundred day moving average price of $25.20. International General Insurance has a 12-month low of $20.82 and a 12-month high of $28.84. The company has a market capitalization of $1.18 billion, a P/E ratio of 10.00 and a beta of 0.11.

Institutional Trading of International General Insurance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IGIC. Smartleaf Asset Management LLC acquired a new position in shares of International General Insurance in the 4th quarter worth approximately $56,000. Royal Bank of Canada increased its position in shares of International General Insurance by 16.5% during the fourth 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. State of Wyoming raised its stake in International General Insurance by 179.2% during the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after buying an additional 4,278 shares during the last quarter. Osaic Holdings Inc. raised its stake in International General Insurance by 29.2% during the second 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. Finally, BNP Paribas Financial Markets lifted its holdings in International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after buying an additional 2,963 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.