Oppenheimer Begins Coverage on International General Insurance (NASDAQ:IGIC)

Stock analysts at Oppenheimer assumed coverage on shares of International General Insurance (NASDAQ:IGIC) in a report issued on Thursday, MarketBeat reports. The firm set an “outperform” rating and a $30.00 price target on the stock. Oppenheimer’s price target would suggest a potential upside of 15.47% from the company’s current price.

Separately, Royal Bank of Canada lifted their price target on shares of International General Insurance from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Stock Down 0.2 %

Shares of IGIC stock opened at $25.98 on Thursday. International General Insurance has a 52 week low of $11.46 and a 52 week high of $27.00. The firm has a 50 day moving average of $20.97 and a two-hundred day moving average of $17.44. The stock has a market capitalization of $1.19 billion, a PE ratio of 8.49 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.11. The company had revenue of $138.10 million for the quarter. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%.

Institutional Investors Weigh In On International General Insurance

Several institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. raised its holdings in International General Insurance by 198.4% during the first quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock worth $1,629,000 after purchasing an additional 80,000 shares in the last quarter. PEAK6 Investments LLC raised its stake in International General Insurance by 33.8% during the 1st quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock worth $541,000 after acquiring an additional 10,083 shares in the last quarter. Virtu Financial LLC purchased a new stake in International General Insurance in the first quarter valued at $209,000. Simplicity Wealth LLC purchased a new stake in International General Insurance in the second quarter valued at $152,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in International General Insurance in the second quarter valued at $2,014,000. 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.