International General Insurance (NASDAQ:IGIC) Hits New 1-Year High - What's Next?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) recently achieved a new 52-week high during trading on Thursday, reaching as much as $19.69 before closing at that same price after a trading volume of 63,462 shares. This marks a significant increase from the previous close of $19.11.

Analysts Adjust Price Targets

In a recent update, the Royal Bank of Canada raised their target price for International General Insurance from $17.00 to $19.00, recommending an "outperform" rating in their research note published on August 8th.

Stock Performance Update

The stock has shown positive momentum, trading up by 3.2%. Currently, its 50-day moving average is at $18.38, and the 200-day moving average stands at $15.92. The company boasts a market capitalization of approximately $906.59 million and a price-to-earnings ratio of 7.72, along with a beta of 0.23, which suggests lower volatility compared to the market.

On August 6th, International General Insurance reported earnings results that exceeded expectations, posting an earnings per share (EPS) of $0.74 for the quarter. This figure surpassed analysts' consensus estimates of $0.62 by $0.12. The company recorded a net margin of 23.40% and a return on equity of 25.74%, with total revenue for the quarter reaching $135.60 million.

Dividend Announced

The company also declared a quarterly dividend, which was disbursed on September 18th. Shareholders recorded on September 2nd received a dividend of $0.025, translating to an annualized dividend of $0.10, yielding 0.51%. The ex-dividend date was August 30th, with the company's current dividend payout ratio being 3.92%.

Institutional Investment Activity

Recent activities reveal that institutional investors and hedge funds have been active in trading shares of International General Insurance. Notably, PEAK6 Investments LLC increased its holdings by 33.8% during the first quarter, now owning 39,927 shares worth approximately $541,000 after adding 10,083 shares during the last quarter. Other institutional movements included Simplicity Wealth LLC acquiring a stake valued at around $152,000, and LSV Asset Management investing $179,000. Currently, institutional investors hold 54.24% of the stock.

Company Overview

International General Insurance Holdings Ltd. provides specialty insurance and reinsurance solutions on a global scale. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It underwrites a diverse portfolio of specialty risks including energy, property, construction, general aviation, and casualty insurance.

Considerations for Investors

Before deciding to invest in International General Insurance, it’s essential for potential investors to conduct thorough research. While the stock currently has a