Federated National Holding Co. (NASDAQ:FNHC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Friday.
According to Zacks, “Federated National Holding Company is an insurance holding company, which through its subsidiaries, controls all aspects of the insurance underwriting, distribution and claims processes. The Company underwrites homeowners’ property and casualty, commercial general liability, commercial residential property, flood, personal automobile and commercial automobile. It is also licensed to and has the facilities to market and underwrite policies for other insurance carriers’ lines of business such as, inland marine, workers’ compensation and personal umbrella insurance. Federated National Holding Company, formerly known as 21st Century Holding Company, is based in Sunrise, Florida. “
Separately, Keefe, Bruyette & Woods reduced their target price on Federated National Holding from $29.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, August 8th.
Shares of Federated National Holding (NASDAQ:FNHC) opened at 18.17 on Friday. Federated National Holding has a 52 week low of $15.99 and a 52 week high of $32.61. The company’s 50-day moving average price is $18.02 and its 200 day moving average price is $19.52. The company has a market cap of $250.46 million, a P/E ratio of 8.37 and a beta of 1.39.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, November 1st will be issued a $0.08 dividend. The ex-dividend date is Friday, October 28th. This is a positive change from Federated National Holding’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.76%. Federated National Holding’s dividend payout ratio is currently 11.06%.
In other news, CFO Peter J. Prygelski sold 27,950 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $18.75, for a total value of $524,062.50. The sale was disclosed in a document filed with the SEC, which is available through this link. 10.59% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in FNHC. BlackRock Group LTD raised its position in shares of Federated National Holding by 74.0% in the second quarter. BlackRock Group LTD now owns 6,084 shares of the company’s stock worth $116,000 after buying an additional 2,587 shares in the last quarter. Sei Investments Co. purchased a new position in shares of Federated National Holding during the second quarter worth $207,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Federated National Holding during the second quarter worth $272,000. Citadel Advisors LLC purchased a new position in shares of Federated National Holding during the second quarter worth $307,000. Finally, TFS Capital LLC purchased a new position in shares of Federated National Holding during the second quarter worth $336,000. 62.80% of the stock is currently owned by institutional investors and hedge funds.
About Federated National Holding
Federated National Holding Company (FNHC) is an insurance holding company that controls all steps in the insurance underwriting, distribution and claims processes through its subsidiaries and its contractual relationships with its independent agents and general agents. The Company is authorized to underwrite homeowners’ multi-peril (homeowners), commercial general liability, federal flood, personal auto and various other lines of insurance in Florida and various other states.
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