Federated Hermes Inc. Trims Stake in Fidelis Insurance Holdings Limited (NYSE:FIHL)

Key Points

• Federated Hermes Inc. significantly reduced its stake in Fidelis Insurance Holdings, cutting its holdings by 99.7% to only 2,878 shares after selling over 1 million shares in the first quarter.
• Fidelis Insurance reported $658.40 million in revenue for the quarter, exceeding analysts' expectations of $578.57 million, while also beating EPS estimates by $0.02.
• Multiple research firms have increased their price targets for Fidelis Insurance, with JMP Securities raising it from $24.00 to $27.00, indicating a potential for significant market growth.

Federated Hermes Inc. decreased its holdings in shares of Fidelis Insurance Holdings Limited (NYSE:FIHL - Free Report) by 99.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,878 shares of the company's stock after selling 1,105,230 shares during the period. Federated Hermes Inc.'s holdings in Fidelis Insurance were worth $47,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Garde Capital Inc. bought a new position in Fidelis Insurance in the 1st quarter worth $62,000. GAMMA Investing LLC boosted its holdings in Fidelis Insurance by 1,267.3% in the 1st quarter. GAMMA Investing LLC now owns 4,471 shares of the company's stock worth $72,000 after buying an additional 4,144 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in Fidelis Insurance in the 4th quarter worth $247,000. ProShare Advisors LLC bought a new position in Fidelis Insurance in the 4th quarter worth $262,000. Finally, XTX Topco Ltd bought a new position in Fidelis Insurance in the 4th quarter worth $277,000. Institutional investors own 81.99% of the company's stock.

Fidelis Insurance Price Performance

FIHL stock traded down $0.80 during mid-day trading on Friday, hitting $16.31. The company had a trading volume of 1,152,242 shares, compared to its average volume of 613,515. The company has a 50-day moving average price of $16.12 and a 200 day moving average price of $16.15. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -39.78 and a beta of 0.25. Fidelis Insurance Holdings Limited has a 12-month low of $14.17 and a 12-month high of $21.32.

Fidelis Insurance (NYSE:FIHL - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.24. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $604.62 million. Fidelis Insurance had a negative net margin of 1.70% and a negative return on equity of 1.81%. On average, research analysts anticipate that Fidelis Insurance Holdings Limited will post 3.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.