International General Insurance (NASDAQ:IGIC) Price Target Raised to $19.00 at Royal Bank of Canada

International General Insurance (NASDAQ:IGIC) had its target price lifted by Royal Bank of Canada from $17.00 to $19.00 in a research report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

International General Insurance Trading Down 0.1 %

International General Insurance stock traded down $0.01 during trading on Thursday, reaching $15.58. The company had a trading volume of 24,051 shares, compared to its average volume of 69,115. The firm has a market capitalization of $715.90 million, a price-to-earnings ratio of 5.77 and a beta of 0.22. The firm’s 50-day simple moving average is $15.08 and its 200 day simple moving average is $14.02. International General Insurance has a 52 week low of $9.33 and a 52 week high of $17.97.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $135.60 million for the quarter. International General Insurance had a return on equity of 26.55% and a net margin of 23.40%.

International General Insurance Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Monday, June 3rd were paid a $0.025 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.64%. International General Insurance’s dividend payout ratio (DPR) is presently 3.70%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Simplicity Wealth LLC purchased a new stake in International General Insurance in the 2nd quarter worth $152,000. LSV Asset Management purchased a new stake in shares of International General Insurance during the second quarter worth about $179,000. Virtu Financial LLC bought a new stake in International General Insurance during the 1st quarter valued at approximately $209,000. Victory Capital Management Inc. purchased a new position in International General Insurance in the 2nd quarter worth approximately $229,000. Finally, PEAK6 Investments LLC boosted its stake in International General Insurance by 33.8% in the 1st quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock worth $541,000 after purchasing an additional 10,083 shares during the period. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.