International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Update

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 152,400 shares, a growth of 45.1% from the January 31st total of 105,000 shares. Based on an average daily volume of 96,900 shares, the short-interest ratio is currently 1.6 days. Currently, 1.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

IGIC has been the subject of several research analyst reports. Oppenheimer boosted their price objective on International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. Royal Bank of Canada upped their price target on shares of International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday.

International General Insurance Price Performance

Shares of IGIC traded down $0.68 during midday trading on Monday, hitting $25.41. The stock had a trading volume of 78,653 shares, compared to its average volume of 85,179. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 8.30 and a beta of 0.27. The company has a 50 day simple moving average of $25.00 and a two-hundred day simple moving average of $22.49. International General Insurance has a twelve month low of $11.82 and a twelve month high of $27.76.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The business had revenue of $135.20 million for the quarter, compared to analyst estimates of $136.20 million. Analysts forecast that International General Insurance will post 3.18 EPS for the current fiscal year.

Institutional Trading of International General Insurance

A number of institutional investors have recently made changes to their positions in IGIC. Geode Capital Management LLC grew its position in International General Insurance by 3.2% in the third quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock valued at $530,000 after purchasing an additional 859 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of International General Insurance during the 3rd quarter worth about $3,338,000. Navellier & Associates Inc. grew its holdings in shares of International General Insurance by 73.4% in the 4th quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after acquiring an additional 26,311 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of International General Insurance by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after acquiring an additional 3,562 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new stake in International General Insurance during the fourth quarter worth about $177,000. 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.