International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Down 27.0% in December

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a significant drop in short interest in the month of December. As of December 15th, there was short interest totaling 154,136 shares, a drop of 27.0% from the November 30th total of 211,185 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average daily volume of 40,583 shares, the short-interest ratio is currently 3.8 days. Based on an average daily volume of 40,583 shares, the short-interest ratio is currently 3.8 days. Approximately 0.4% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its stake in International General Insurance by 33.6% in the first quarter. Invesco Ltd. now owns 43,599 shares of the company’s stock valued at $1,147,000 after purchasing an additional 10,954 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of International General Insurance by 93.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,000 shares of the company’s stock worth $288,000 after purchasing an additional 5,792 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of International General Insurance during the 1st quarter valued at about $252,000. Catalyst Capital Advisors LLC grew its stake in shares of International General Insurance by 129.5% in the 2nd quarter. Catalyst Capital Advisors LLC now owns 12,850 shares of the company’s stock valued at $309,000 after buying an additional 7,250 shares in the last quarter. Finally, Abacus Planning Group Inc. increased its holdings in International General Insurance by 49.4% in the second quarter. Abacus Planning Group Inc. now owns 13,091 shares of the company’s stock worth $314,000 after buying an additional 4,327 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Price Performance

IGIC stock opened at $25.46 on Monday. The firm has a market capitalization of $1.14 billion, a P/E ratio of 9.22 and a beta of 0.16. International General Insurance has a 52-week low of $20.82 and a 52-week high of $27.76. The company’s 50 day simple moving average is $23.55 and its 200-day simple moving average is $23.65.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.04). International General Insurance had a return on equity of 18.36% and a net margin of 23.76%.The firm had revenue of $128.60 million for the quarter, compared to analysts’ expectations of $135.40 million. Sell-side analysts predict that International General Insurance will post 3.18 EPS for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, December 17th. International General Insurance’s dividend payout ratio is currently 7.25%.

International General Insurance announced that its board has initiated a share repurchase program on Wednesday, November 5th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

IGIC has been the topic of several research analyst reports. Royal Bank Of Canada assumed coverage on International General Insurance in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $28.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of International General Insurance in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $30.00.

International General Insurance Company Profile

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.