International General Insurance (NASDAQ:IGIC) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

International General Insurance (NASDAQ:IGIC) had its target price raised by investment analysts at Royal Bank Of Canada from $28.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 4.70% from the stock’s current price.

Separately, Weiss Ratings cut International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, International General Insurance presently has an average rating of “Buy” and an average target price of $30.00.

International General Insurance Stock Performance

Shares of IGIC stock traded up $0.46 on Monday, reaching $28.65. 11,683 shares of the company were exchanged, compared to its average volume of 64,705. International General Insurance has a 1 year low of $20.82 and a 1 year high of $28.79. The business has a 50-day moving average price of $25.66 and a 200 day moving average price of $25.17. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 10.33 and a beta of 0.11.

Hedge Funds Weigh In On International General Insurance

Institutional investors and hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. grew its stake in shares of International General Insurance by 11.3% in the 4th quarter. Osaic Holdings Inc. now owns 7,135 shares of the company’s stock valued at $179,000 after buying an additional 722 shares during the period. Royal Bank of Canada raised its position in shares of International General Insurance by 16.5% during the 4th quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock valued at $165,000 after buying an additional 929 shares during the period. Russell Investments Group Ltd. lifted its holdings in International General Insurance by 0.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company’s stock valued at $9,948,000 after acquiring an additional 1,661 shares during the last quarter. Smartleaf Asset Management LLC acquired a new position in International General Insurance in the fourth quarter valued at approximately $56,000. Finally, Franklin Resources Inc. grew its position in International General Insurance by 6.2% in the third quarter. Franklin Resources Inc. now owns 40,385 shares of the company’s stock worth $937,000 after acquiring an additional 2,355 shares during the period. 54.24% of the stock is currently owned by institutional investors and hedge funds.

About International General Insurance

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.