Fidelis Insurance Holdings Limited (NYSE:FIHL) has achieved a new milestone, reaching a 52-week high of $20.00 on Thursday, before settling at $19.89 with a trading volume of 16,764 shares. This marks a notable increase from its previous closing price of $19.72, reflecting growing investor confidence in the company.
Analyst activity surrounding Fidelis has been robust, with several institutions revisiting their price targets. On January 7, 2024, Evercore set a target price of $21.00 for the stock. Meanwhile, UBS Group increased its price objective from $23.00 to $24.00, maintaining a “buy” rating as of November 17, 2023. Keefe, Bruyette & Woods also raised their target to $24.00 with an “outperform” rating on January 6, 2024. In contrast, The Goldman Sachs Group set a lower target of $17.50 on January 17, 2024.
Overall, the stock has received a mixed consensus among analysts, with four recommending a “buy,” four advising a “hold,” and two issuing a “sell.” According to MarketBeat.com, the average rating for FIHL stands at “hold,” with a projected target price of approximately $21.93.
Recent Earnings and Institutional Investments
Fidelis Insurance reported its latest earnings on November 12, 2023, posting earnings per share of $1.21 for the quarter, surpassing the consensus estimate of $1.19 by $0.02. Despite this positive earnings report, the company recorded a negative net margin of 0.56% and a negative return on equity of 0.94%. Revenue for the quarter reached $651.90 million, slightly below analyst expectations of $676.79 million. Looking ahead, analysts predict an average earnings per share of 3.12 for the current fiscal year.
In terms of institutional activity, several investors have altered their stakes in Fidelis Insurance recently. North Capital Inc. acquired a new position worth approximately $33,000 during the second quarter of 2023. Focus Partners Wealth followed suit in the third quarter with a stake valued at $77,000. Ameritas Investment Partners Inc. increased its investment by 15.3%, now holding 6,088 shares valued at $101,000 after acquiring an additional 810 shares. CWM LLC significantly expanded its holdings by 444.4%, owning 7,131 shares worth $118,000 after adding 5,821 shares in the last quarter. Tower Research Capital LLC also boosted its position by 58.9%, now owning 7,786 shares valued at $129,000 following an additional purchase of 2,885 shares. Notably, institutional investors and hedge funds collectively own 81.99% of Fidelis Insurance.
About Fidelis Insurance Holdings
Founded in 2015 and incorporated in Bermuda, Fidelis Insurance Holdings Ltd specializes in underwriting a diverse range of liability and property risks. The company went public on the New York Stock Exchange in 2016 under the ticker FIHL. Fidelis Insurance is dedicated to offering tailored solutions for complex risks that traditional insurers may struggle to address. By leveraging advanced data analytics and underwriting expertise, the company structures policies across various industry segments. Its offerings include casualty lines—such as general liability and professional indemnity—alongside property, marine, energy, and specialty programs.
As Fidelis Insurance continues to perform well and attract institutional investment, market observers will be keen to see how the company navigates the challenges and opportunities ahead in the competitive insurance landscape.
