Fidelis Insurance Holdings Limited (NYSE:FIHL) Sees Large Increase in Short Interest

Fidelis Insurance Holdings Limited (NYSE:FIHL) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 2,160,000 shares, a growth of 87.8% from the August 31st total of 1,150,000 shares. Currently, 4.7% of the shares of the company are short sold. Based on an average daily volume of 548,300 shares, the days-to-cover ratio is presently 3.9 days.

Institutional Trading of Fidelis Insurance

Several hedge funds have recently modified their holdings of FIHL. American Century Companies Inc. raised its holdings in shares of Fidelis Insurance by 62.0% during the 2nd quarter. American Century Companies Inc. now owns 3,265,564 shares of the company’s stock worth $53,261,000 after acquiring an additional 1,249,853 shares in the last quarter. Boston Partners raised its holdings in shares of Fidelis Insurance by 213.7% during the 1st quarter. Boston Partners now owns 714,683 shares of the company’s stock worth $13,922,000 after acquiring an additional 486,888 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Fidelis Insurance by 78.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,078,668 shares of the company’s stock worth $17,593,000 after acquiring an additional 474,714 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Fidelis Insurance by 227.4% during the 1st quarter. Vanguard Group Inc. now owns 562,570 shares of the company’s stock worth $10,959,000 after acquiring an additional 390,754 shares in the last quarter. Finally, Ghisallo Capital Management LLC raised its holdings in shares of Fidelis Insurance by 1,038.8% during the 2nd quarter. Ghisallo Capital Management LLC now owns 400,000 shares of the company’s stock worth $6,524,000 after acquiring an additional 364,875 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FIHL shares. JPMorgan Chase & Co. upped their price target on shares of Fidelis Insurance from $18.50 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $24.00 price target on shares of Fidelis Insurance in a research report on Friday, August 16th. Barclays initiated coverage on shares of Fidelis Insurance in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $21.00 price target for the company. Evercore ISI initiated coverage on Fidelis Insurance in a research note on Wednesday, July 17th. They set an “inline” rating and a $19.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Fidelis Insurance in a research note on Tuesday, September 17th. They set a “neutral” rating and a $18.50 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fidelis Insurance presently has a consensus rating of “Hold” and an average price target of $19.94.

Fidelis Insurance Price Performance

FIHL stock traded down $0.30 during midday trading on Friday, hitting $18.22. The company’s stock had a trading volume of 350,915 shares, compared to its average volume of 604,321. Fidelis Insurance has a 12 month low of $11.55 and a 12 month high of $20.53. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 4.42 and a beta of -0.10. The company has a 50 day moving average of $17.84 and a two-hundred day moving average of $17.76.

Fidelis Insurance (NYSE:FIHL) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.15). Fidelis Insurance had a return on equity of 15.67% and a net margin of 20.96%. The business had revenue of $547.10 million during the quarter, compared to the consensus estimate of $582.19 million. On average, analysts expect that Fidelis Insurance will post 2.94 EPS for the current year.

Fidelis Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.20%. Fidelis Insurance’s payout ratio is 9.71%.

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.