International General Insurance’s (IGIC) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of International General Insurance (NASDAQ:IGIC) in a research note published on Thursday, Benzinga reports. They currently have a $15.00 price objective on the stock.

International General Insurance Stock Down 3.4 %

IGIC traded down $0.45 during trading on Thursday, hitting $12.90. The company had a trading volume of 70,670 shares, compared to its average volume of 53,092. The firm’s 50-day moving average price is $12.98 and its 200 day moving average price is $12.10. International General Insurance has a one year low of $8.00 and a one year high of $13.93. The company has a market capitalization of $606.69 million, a PE ratio of 5.06 and a beta of 0.16.

International General Insurance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 1st will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, March 28th. This is a boost from International General Insurance’s previous quarterly dividend of $0.01. This represents a $2.04 annualized dividend and a yield of 15.81%. International General Insurance’s payout ratio is 1.57%.

Institutional Investors Weigh In On International General Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Heartland Advisors Inc. grew its stake in International General Insurance by 0.3% in the 4th quarter. Heartland Advisors Inc. now owns 746,800 shares of the company’s stock valued at $9,619,000 after buying an additional 2,200 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of International General Insurance by 10.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 27,486 shares of the company’s stock worth $354,000 after acquiring an additional 2,510 shares during the period. UBS Group AG bought a new stake in shares of International General Insurance during the 4th quarter worth approximately $28,000. Acadian Asset Management LLC lifted its holdings in shares of International General Insurance by 52.7% during the 2nd quarter. Acadian Asset Management LLC now owns 11,327 shares of the company’s stock worth $101,000 after acquiring an additional 3,910 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of International General Insurance by 7.4% during the 2nd quarter. Sei Investments Co. now owns 57,897 shares of the company’s stock worth $517,000 after acquiring an additional 4,000 shares during the period. 71.68% of the stock is owned by institutional investors.

About International General Insurance

International General Insurance Holdings Ltd. provides specialty insurance and reinsurance solutions worldwide. It operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. The company underwrites a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, marine, contingency, treaty, and casualty reinsurance.