Fidelis Insurance (NYSE:FIHL) Hits New 52-Week High Following Analyst Upgrade

Key Points

• Fidelis Insurance hit a new 52-week high after Barclays raised its price target to $21 (from $19); the stock traded as high as $20.52 and last at $20.4860 on a volume of 272,574 shares.
• Analyst coverage is mixed — firms like UBS, Keefe Bruyette and Weiss raised targets/ratings while others downgraded, leaving an aggregate of 5 Buys, 3 Holds and 2 Sells and an average rating of "Hold" with an average price target of $22.64.
• Management approved a $400 million buyback (up to about 18% of shares) and pays a $0.15 quarterly dividend (annualized $0.60, 2.9% yield); institutional investors own roughly 82% and the company has a market cap of $1.98 billion with a P/E of 9.25.

Fidelis Insurance Holdings Limited (NYSE:FIHL - Get Free Report) reached a new 52-week high during trading on Thursday after Barclays raised their price target on the stock from $19.00 to $21.00. Barclays currently has an equal weight rating on the stock. Fidelis Insurance traded as high as $20.52 and last traded at $20.4860, with a volume of 272574 shares trading hands. The stock had previously closed at $19.69.

FIHL has been the subject of a number of other reports. UBS Group boosted their price target on shares of Fidelis Insurance from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, March 9th. Wall Street Zen downgraded shares of Fidelis Insurance from a "buy" rating to a "hold" rating in a research note on Sunday, February 8th. The Goldman Sachs Group set a $17.50 price target on shares of Fidelis Insurance in a research note on Saturday, January 17th. Weiss Ratings raised shares of Fidelis Insurance from a "hold (c)" rating to a "buy (b)" rating in a research note on Friday, March 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Fidelis Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a research note on Monday, February 23rd. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $22.64.

Institutional Investors Weigh In On Fidelis Insurance

Several large investors have recently made changes to their positions in the stock. Cooperman Leon G increased its position in shares of Fidelis Insurance by 14.8% during the third quarter. Cooperman Leon G now owns 6,662,469 shares of the company's stock worth $120,924,000 after acquiring an additional 856,413 shares in the last quarter. LSV Asset Management increased its position in shares of Fidelis Insurance by 46.1% during the fourth quarter. LSV Asset Management now owns 4,377,732 shares of the company's stock worth $85,672,000 after acquiring an additional 1,382,352 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Fidelis Insurance by 6.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,787,134 shares of the company's stock worth $54,545,000 after acquiring an additional 163,628 shares in the last quarter. Royce & Associates LP increased its position in shares of Fidelis Insurance by 2,333.5% during the third quarter. Royce & Associates LP now owns 1,591,259 shares of the company's stock worth $28,881,000 after acquiring an additional 1,525,868 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its position in shares of Fidelis Insurance by 2.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,288,824 shares of the company's stock worth $25,222,000 after acquiring an additional 34,066 shares in the last quarter. Institutional investors own 81.99% of the company's stock.

Fidelis Insurance Price Performance

The company's 50-day moving average price is $19.25 and its 200-day moving average price is $18.84. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market cap of $1.98 billion, a P/E ratio of 9.25 and a beta of 0.23.

Fidelis Insurance (NYSE:FIHL - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.13. Fidelis Insurance had a net margin of 9.02% and a return on equity of 8.62%. The company had revenue of $600.90 million during the quarter, compared to the consensus estimate of $756.14 million. As a group, sell-side analysts predict that Fidelis Insurance Holdings Limited will post 3.12 earnings per share for the current fiscal year.

Fidelis Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Monday, March 16th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, March 16th. This represents a $0.60 annualized dividend and a yield of 2.9%. Fidelis Insurance's dividend payout ratio is presently 27.15%.

Fidelis Insurance declared that its Board of Directors has approved a stock buyback program on Friday, February 20th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the company to reacquire up to 18% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

About Fidelis Insurance

Fidelis Insurance Holdings Ltd is a Bermuda‐incorporated specialty insurer and reinsurer that underwrites a broad range of liability and property risks. Founded in 2015, the company completed its initial public offering on the New York Stock Exchange in 2016 under the ticker FIHL. Fidelis focuses on providing tailored solutions for complex risks that traditional insurers may find difficult to accommodate, leveraging data analytics and underwriting expertise to structure policies across diverse industry segments.

The company’s product portfolio spans casualty lines—including general liability, excess and umbrella, professional indemnity, and management liability—alongside property, marine, energy and specialty programs.

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