Cubist Systematic Strategies LLC Decreases Holdings in Fidelis Insurance Holdings Limited $FIHL

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in Fidelis Insurance Holdings Limited by 39.7%, selling 80,162 shares, and now owns approximately $1.97 million worth of the company.
• Fidelis Insurance recently announced an increase in its quarterly dividend from $0.10 to $0.15, which translates to a yield of 3.4%.
• Analysts have mixed ratings on Fidelis Insurance, with Zacks Research downgrading it to a "strong sell," while other firms set target prices ranging from $17.00 to $27.00.

Cubist Systematic Strategies LLC trimmed its position in shares of Fidelis Insurance Holdings Limited (NYSE:FIHL - Free Report) by 39.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 121,757 shares of the company's stock after selling 80,162 shares during the period. Cubist Systematic Strategies LLC owned 0.11% of Fidelis Insurance worth $1,972,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in shares of Fidelis Insurance by 62.1% during the first quarter. Royal Bank of Canada now owns 15,988 shares of the company's stock worth $258,000 after acquiring an additional 6,124 shares in the last quarter. Graham Capital Management L.P. lifted its position in shares of Fidelis Insurance by 470.3% during the first quarter. Graham Capital Management L.P. now owns 66,886 shares of the company's stock worth $1,084,000 after acquiring an additional 55,158 shares in the last quarter. Doma Perpetual Capital Management LLC purchased a new stake in shares of Fidelis Insurance during the first quarter worth $7,551,000. Trexquant Investment LP lifted its position in shares of Fidelis Insurance by 29.5% during the first quarter. Trexquant Investment LP now owns 182,725 shares of the company's stock worth $2,960,000 after acquiring an additional 41,628 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Fidelis Insurance during the first quarter worth $193,000. Hedge funds and other institutional investors own 81.99% of the company's stock.

Wall Street Analyst Weigh In

FIHL has been the topic of several recent research reports. JMP Securities increased their target price on Fidelis Insurance from $24.00 to $27.00 and gave the stock a "market outperform" rating in a research report on Friday, May 16th. Barclays increased their target price on Fidelis Insurance from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Citigroup restated an "outperform" rating on shares of Fidelis Insurance in a research report on Friday, May 16th. Keefe, Bruyette & Woods increased their price objective on Fidelis Insurance from $20.00 to $21.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Finally, Zacks Research downgraded Fidelis Insurance from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $20.67.

Fidelis Insurance Price Performance

Shares of FIHL stock traded up $0.12 on Friday, reaching $17.54. The company's stock had a trading volume of 450,112 shares, compared to its average volume of 602,310. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.36. Fidelis Insurance Holdings Limited has a 12-month low of $14.17 and a 12-month high of $21.32. The company has a market capitalization of $1.94 billion, a P/E ratio of -42.79 and a beta of 0.26. The stock's 50 day simple moving average is $16.51 and its 200-day simple moving average is $16.32.

Fidelis Insurance (NYSE:FIHL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.24. Fidelis Insurance had a negative return on equity of 1.81% 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. As a group, equities analysts predict that Fidelis Insurance Holdings Limited will post 3.12 earnings per share for the current fiscal year.

Fidelis Insurance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. This is a positive change from Fidelis Insurance's previous quarterly dividend of $0.10. Fidelis Insurance's payout ratio is -146.34%.

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.