International General Insurance (NASDAQ:IGIC) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of International General Insurance (NASDAQ:IGIC) from a hold rating to a strong sell rating in a report released on Monday morning,Zacks.com reports.

Several other brokerages have also recently issued reports on IGIC. Weiss Ratings cut International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Royal Bank Of Canada raised their target price on International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $30.00.

International General Insurance Price Performance

NASDAQ:IGIC opened at $27.71 on Monday. The company’s fifty day moving average price is $25.78 and its 200-day moving average price is $25.20. International General Insurance has a 1-year low of $20.82 and a 1-year high of $28.84. The firm has a market capitalization of $1.18 billion, a P/E ratio of 10.00 and a beta of 0.11.

International General Insurance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were issued a $0.075 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This is a positive change from International General Insurance’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a yield of 1.1%. International General Insurance’s dividend payout ratio is presently 10.83%.

Institutional Investors Weigh In On International General Insurance

A number of institutional investors have recently modified their holdings of IGIC. JPMorgan Chase & Co. boosted its position in International General Insurance by 83.4% during the second quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after purchasing an additional 6,872 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of International General Insurance by 220.3% in the second quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock valued at $1,239,000 after buying an additional 35,480 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after buying an additional 2,963 shares in the last quarter. IHT Wealth Management LLC acquired a new position in shares of International General Insurance during the 2nd quarter worth approximately $233,000. Finally, Shay Capital LLC raised its stake in shares of International General Insurance by 5.4% during the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock worth $5,050,000 after buying an additional 10,823 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.