Short Interest in International General Insurance Holdings Ltd. (NASDAQ:IGIC) Declines By 10.6%

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 84,900 shares, a decline of 10.6% from the December 15th total of 95,000 shares. Based on an average trading volume of 128,800 shares, the short-interest ratio is currently 0.7 days. Approximately 0.6% of the company’s stock are sold short.

Wall Street Analyst Weigh In

IGIC has been the subject of several recent research reports. Royal Bank of Canada increased their price objective on International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Oppenheimer began coverage on International General Insurance in a research note on Thursday, November 21st. They set an “outperform” rating and a $30.00 price target for the company.

Institutional Investors Weigh In On International General Insurance

A number of large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its stake in shares of International General Insurance by 112.5% in the second quarter. Sei Investments Co. now owns 255,719 shares of the company’s stock worth $3,580,000 after buying an additional 135,400 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in International General Insurance by 31.6% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,300 shares of the company’s stock valued at $3,597,000 after acquiring an additional 45,455 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of International General Insurance in the third quarter valued at about $3,338,000. Interval Partners LP increased its stake in shares of International General Insurance by 15.5% in the second quarter. Interval Partners LP now owns 114,650 shares of the company’s stock worth $1,605,000 after purchasing an additional 15,379 shares during the period. Finally, Marshall Wace LLP lifted its position in shares of International General Insurance by 276.8% during the 2nd quarter. Marshall Wace LLP now owns 92,308 shares of the company’s stock worth $1,292,000 after purchasing an additional 67,809 shares during the last quarter. Institutional investors own 54.24% of the company’s stock.

International General Insurance Stock Down 2.6 %

IGIC stock traded down $0.65 during trading hours on Friday, hitting $23.98. The company’s stock had a trading volume of 87,657 shares, compared to its average volume of 81,158. The company has a market capitalization of $1.10 billion, a PE ratio of 7.84 and a beta of 0.27. The stock has a 50 day moving average price of $24.62 and a two-hundred day moving average price of $20.30. International General Insurance has a 12 month low of $11.51 and a 12 month high of $27.00.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.56 by $0.11. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The firm had revenue of $138.10 million for the quarter. Sell-side analysts expect that International General Insurance will post 2.91 earnings per share for the current year.

International General Insurance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd were issued a $0.025 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $0.10 annualized dividend and a yield of 0.42%. International General Insurance’s dividend payout ratio (DPR) is currently 3.27%.

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.