Fidelis Insurance (NYSE:FIHL) Issues Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Key Points

• Fidelis Insurance reported a quarterly EPS of $0.12, surpassing analysts' expectations by $0.24.
• The company's revenue for the quarter reached $1.22 billion, significantly exceeding the estimated $604.62 million.
• Analysts have varied outlooks on Fidelis Insurance, with ratings including "outperform" and target price adjustments ranging from $16.00 to $27.00.

Fidelis Insurance (NYSE:FIHL - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.24, Zacks reports. Fidelis Insurance had a negative return on equity of 1.78% and a negative net margin of 1.70%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $604.62 million.

Fidelis Insurance Stock Performance

Shares of NYSE FIHL traded down $0.31 during midday trading on Thursday, hitting $17.13. 899,776 shares of the stock traded hands, compared to its average volume of 590,449. The firm has a 50-day moving average of $16.14 and a two-hundred day moving average of $16.16. The firm has a market capitalization of $1.90 billion, a P/E ratio of -41.78 and a beta of 0.25. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.68 and a current ratio of 0.68. Fidelis Insurance has a one year low of $14.17 and a one year high of $21.32.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FIHL shares. Citigroup reaffirmed an "outperform" rating on shares of Fidelis Insurance in a research report on Friday, May 16th. Keefe, Bruyette & Woods boosted their target price on Fidelis Insurance from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. Barclays boosted their target price on Fidelis Insurance from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Finally, JMP Securities boosted their target price on Fidelis Insurance from $24.00 to $27.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.67.

Institutional Investors Weigh In On Fidelis Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP purchased a new stake in shares of Fidelis Insurance in the 2nd quarter worth $169,000. WINTON GROUP Ltd purchased a new stake in Fidelis Insurance in the 2nd quarter worth $217,000. Royal Bank of Canada increased its stake in Fidelis Insurance by 62.1% in the 1st quarter. Royal Bank of Canada now owns 15,988 shares of the company's stock worth $258,000 after buying an additional 6,124 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Fidelis Insurance by 20.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,161 shares of the company's stock worth $334,000 after buying an additional 3,422 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Fidelis Insurance by 11.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,671 shares of the company's stock worth $542,000 after buying an additional 3,294 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Fidelis Insurance Company Profile

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.

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