International General Insurance (NASDAQ:IGIC) Price Target Raised to $31.00

International General Insurance (NASDAQ:IGIC) had its price target hoisted by equities research analysts at Royal Bank of Canada from $28.00 to $31.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 17.27% from the company’s current price.

Separately, Oppenheimer upped their price target on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday.

International General Insurance Stock Performance

Shares of IGIC traded down $0.15 during mid-day trading on Thursday, hitting $26.44. 32,803 shares of the company’s stock were exchanged, compared to its average volume of 82,858. The stock’s 50-day moving average is $24.89 and its 200-day moving average is $22.25. International General Insurance has a fifty-two week low of $11.51 and a fifty-two week high of $27.76. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 8.64 and a beta of 0.27.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The company had revenue of $135.20 million during the quarter, compared to analysts’ expectations of $136.20 million. As a group, equities research analysts anticipate that International General Insurance will post 3.18 EPS for the current year.

Institutional Investors Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of IGIC. Mackenzie Financial Corp increased its holdings in International General Insurance by 80.0% in the fourth quarter. Mackenzie Financial Corp now owns 34,940 shares of the company’s stock valued at $830,000 after buying an additional 15,529 shares during the last quarter. Two Sigma Investments LP raised its position in shares of International General Insurance by 39.3% during the 4th quarter. Two Sigma Investments LP now owns 43,351 shares of the company’s stock worth $1,030,000 after acquiring an additional 12,231 shares in the last quarter. Tidal Investments LLC lifted its stake in International General Insurance by 9.1% during the fourth quarter. Tidal Investments LLC now owns 21,363 shares of the company’s stock worth $508,000 after purchasing an additional 1,778 shares during the last quarter. State of Wyoming acquired a new position in International General Insurance in the fourth quarter valued at approximately $107,000. Finally, Shay Capital LLC increased its stake in International General Insurance by 13.1% in the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock valued at $5,388,000 after purchasing an additional 26,210 shares during the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

About International General Insurance

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.