Fidelis Insurance Holdings Limited (NYSE:FIHL) achieved a significant milestone on Thursday, reaching a new 52-week high of $20.00 per share before closing at $19.89. The stock saw a trading volume of 16,764 shares, up from its previous close of $19.72. This upward trajectory highlights the growing investor interest in the company.
Analysts Respond with New Price Targets
Following the stock’s recent performance, various analysts have revised their price targets for Fidelis Insurance. In a research note dated January 7, 2024, Evercore set a target price of $21.00 per share. Similarly, UBS Group raised its price objective from $23.00 to $24.00 on November 17, 2023, maintaining a “buy” rating.
Additionally, Keefe, Bruyette & Woods increased their target from $23.00 to $24.00 on January 6, 2024, assigning an “outperform” rating. In contrast, The Goldman Sachs Group set a more conservative price target of $17.50 on January 17, 2024. Overall, four analysts have given the stock a “buy” rating, while four others have issued a “hold” rating and two have suggested selling. The average consensus rating stands at “hold” with a target price of $21.93, according to data from MarketBeat.com.
Recent Earnings and Institutional Investments
Fidelis Insurance posted its latest earnings results on November 12, 2023, revealing earnings per share of $1.21 for the quarter. This figure surpassed the consensus estimate of $1.19 by $0.02. However, the company’s net margin remained negative at 0.56%, and it reported a negative return on equity of 0.94%. Revenue for the quarter totaled $651.90 million, falling short of analyst expectations of $676.79 million. Analysts predict that Fidelis Insurance will report earnings per share of 3.12 for the current fiscal year.
Institutional investors have also shown increased interest in Fidelis Insurance. North Capital Inc. acquired a new stake during the second quarter valued at approximately $33,000, while Focus Partners Wealth invested $77,000 in the third quarter. Additionally, Ameritas Investment Partners Inc. boosted its stake by 15.3%, owning 6,088 shares valued at around $101,000 after acquiring an additional 810 shares in the last quarter.
CWM LLC significantly increased its holdings by 444.4%, now owning 7,131 shares worth $118,000. Furthermore, Tower Research Capital LLC TRC raised its position by 58.9%, owning 7,786 shares valued at $129,000. Notably, institutional investors and hedge funds collectively own 81.99% of Fidelis Insurance’s stock.
Fidelis Insurance, incorporated in Bermuda, focuses on specialty insurance and reinsurance, underwriting a diverse array of liability and property risks. Established in 2015, the company went public on the New York Stock Exchange in 2016
