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

Fidelis Insurance Holdings Limited (NYSE:FIHL) shares gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. 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.

The company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $585.88 million.

Fidelis Insurance Announces Dividend

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FIHL. Bank of New York Mellon Corp acquired a new position in shares of Fidelis Insurance during the third quarter worth about $546,000. Strs Ohio increased its stake in shares of Fidelis Insurance by 18.2% during the third quarter. Strs Ohio now owns 68,900 shares of the company’s stock worth $1,011,000 after purchasing an additional 10,600 shares during the period. Victory Capital Management Inc. acquired a new stake in Fidelis Insurance during the third quarter worth approximately $15,784,000. Jump Financial LLC acquired a new stake in Fidelis Insurance during the third quarter worth approximately $377,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Fidelis Insurance in the 3rd quarter valued at $53,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Fidelis Insurance Stock Performance

The stock has a market cap of $2.19 billion and a price-to-earnings ratio of 0.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a fifty day simple moving average of $18.76 and a two-hundred day simple moving average of $15.03.

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.