Fidelis Insurance (NYSE:FIHL) Shares Gap Down on Disappointing Earnings

Fidelis Insurance Holdings Limited (NYSE:FIHL)’s stock price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $19.31, but opened at $18.25. Fidelis Insurance shares last traded at $18.08, with a volume of 181,413 shares traded.

The company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.01). Fidelis Insurance had a net margin of 59.30% and a return on equity of 20.23%. The firm had revenue of $520.00 million during the quarter, compared to analyst estimates of $585.88 million.

Fidelis Insurance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, June 14th. Fidelis Insurance’s dividend payout ratio is 2.10%.

Analysts Set New Price Targets

A number of research firms have recently commented on FIHL. JMP Securities reaffirmed a “market outperform” rating and set a $24.00 price target on shares of Fidelis Insurance in a research report on Monday, April 15th. JPMorgan Chase & Co. boosted their price target on Fidelis Insurance from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Keefe, Bruyette & Woods boosted their price target on Fidelis Insurance from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.44.

Institutional Trading of Fidelis Insurance

Several institutional investors and hedge funds have recently modified their holdings of FIHL. ProShare Advisors LLC bought a new stake in shares of Fidelis Insurance in the 1st quarter valued at about $212,000. Russell Investments Group Ltd. grew its holdings in shares of Fidelis Insurance by 3.0% during the 1st quarter. Russell Investments Group Ltd. now owns 839,237 shares of the company’s stock worth $16,348,000 after acquiring an additional 24,063 shares during the period. Quantbot Technologies LP grew its holdings in shares of Fidelis Insurance by 131.8% during the 1st quarter. Quantbot Technologies LP now owns 33,559 shares of the company’s stock worth $654,000 after acquiring an additional 19,080 shares during the period. Latigo Investments LLC purchased a new stake in shares of Fidelis Insurance in the 1st quarter worth approximately $2,342,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Fidelis Insurance in the 1st quarter worth approximately $1,287,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Fidelis Insurance Price Performance

The firm has a 50 day moving average of $18.76 and a two-hundred day moving average of $15.03. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $2.19 billion and a PE ratio of 0.95.

Fidelis Insurance Company Profile

Fidelis Insurance Holdings Limited, together with its subsidiaries, provides insurance and reinsurance products in Bermuda, the Republic of Ireland, and the United Kingdom. It operates in three segments: Specialty, Reinsurance, and Bespoke segments. The Specialty segment offers aviation and aerospace, energy, marine, property direct and facultative, and other specialty risk solutions.