International General Insurance (NASDAQ:IGIC) Trading Up 4.7% After Dividend Announcement

International General Insurance Holdings Ltd. (NASDAQ:IGIC)’s share price shot up 4.7% during trading on Thursday following a dividend announcement from the company. The stock traded as high as $26.41 and last traded at $26.83. Approximately 6,925 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 88,336 shares. The stock had previously closed at $25.63.

The newly announced dividend which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be paid a $0.85 dividend. This represents a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, April 4th. International General Insurance’s payout ratio is 3.34%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada raised their price target on shares of International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Oppenheimer raised their target price on International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th.

International General Insurance Price Performance

The business has a 50 day moving average of $25.40 and a 200 day moving average of $23.19. The company has a market cap of $1.21 billion, a PE ratio of 8.57 and a beta of 0.26.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $135.20 million for the quarter, compared to analyst estimates of $136.20 million. Sell-side analysts forecast that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. ORG Wealth Partners LLC bought a new stake in shares of International General Insurance during the fourth quarter valued at approximately $60,000. Quantbot Technologies LP bought a new stake in shares of International General Insurance during the 4th quarter valued at $87,000. PNC Financial Services Group Inc. purchased a new stake in shares of International General Insurance in the 4th quarter worth about $95,000. State of Wyoming bought a new position in shares of International General Insurance in the 4th quarter worth about $107,000. Finally, Geneos Wealth Management Inc. purchased a new position in International General Insurance during the 4th quarter valued at about $177,000. 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.