Fidelis Insurance (NYSE:FIHL) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Fidelis Insurance (NYSE:FIHL) issued its quarterly earnings results on Wednesday. The company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.02, Zacks reports. Fidelis Insurance had a negative return on equity of 1.81% and a negative net margin of 1.70%.

Fidelis Insurance Stock Up 0.6%

Shares of FIHL stock traded up $0.12 on Wednesday, reaching $19.15. 311,663 shares of the company were exchanged, compared to its average volume of 603,837. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.71 and a quick ratio of 0.71. The company has a 50-day moving average of $17.95 and a 200-day moving average of $17.05. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -46.71 and a beta of 0.27. Fidelis Insurance has a one year low of $14.17 and a one year high of $21.32.

Fidelis Insurance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Wednesday, December 10th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, December 10th. This represents a $0.60 annualized dividend and a dividend yield of 3.1%. Fidelis Insurance’s dividend payout ratio is currently -146.34%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FIHL. Dimensional Fund Advisors LP boosted its holdings in Fidelis Insurance by 16.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,623,506 shares of the company’s stock worth $47,612,000 after acquiring an additional 367,538 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Fidelis Insurance by 55.6% during the first quarter. Goldman Sachs Group Inc. now owns 896,089 shares of the company’s stock worth $14,517,000 after purchasing an additional 320,242 shares during the period. Balyasny Asset Management L.P. lifted its holdings in shares of Fidelis Insurance by 25.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 772,764 shares of the company’s stock worth $12,812,000 after purchasing an additional 157,878 shares in the last quarter. Marshall Wace LLP grew its position in Fidelis Insurance by 289.6% in the 2nd quarter. Marshall Wace LLP now owns 192,943 shares of the company’s stock valued at $3,199,000 after purchasing an additional 143,418 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Fidelis Insurance in the 2nd quarter valued at $1,687,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FIHL shares. Zacks Research upgraded shares of Fidelis Insurance from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 11th. Evercore ISI reissued a “mixed” rating on shares of Fidelis Insurance in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fidelis Insurance in a research report on Wednesday, October 8th. Finally, Barclays increased their price target on Fidelis Insurance from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.71.

About Fidelis Insurance

Fidelis Insurance Holdings Limited, a specialty insurer, provides insurance and reinsurance solutions 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.