Bank of New York Mellon Corp decreased its position in Federated National Holding Co (NASDAQ:FNHC) by 5.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,236 shares of the insurance provider’s stock after selling 6,743 shares during the period. Bank of New York Mellon Corp owned approximately 0.94% of Federated National worth $1,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of FNHC. Alliancebernstein L.P. purchased a new position in Federated National in the 2nd quarter worth $171,000. The Manufacturers Life Insurance Company raised its stake in shares of Federated National by 9.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,058 shares of the insurance provider’s stock valued at $193,000 after buying an additional 1,022 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new position in shares of Federated National during the 3rd quarter valued at about $317,000. Teachers Advisors LLC raised its stake in shares of Federated National by 5.3% during the 2nd quarter. Teachers Advisors LLC now owns 25,061 shares of the insurance provider’s stock valued at $401,000 after buying an additional 1,272 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Federated National by 77.5% during the 2nd quarter. Prudential Financial Inc. now owns 25,660 shares of the insurance provider’s stock valued at $411,000 after buying an additional 11,200 shares during the last quarter. Institutional investors own 62.25% of the company’s stock.
A number of equities analysts have weighed in on FNHC shares. Keefe, Bruyette & Woods set a $22.00 price objective on Federated National and gave the company a “buy” rating in a research note on Thursday, December 21st. Zacks Investment Research upgraded Federated National from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, ValuEngine upgraded Federated National from a “sell” rating to a “hold” rating in a research note on Friday, December 29th.
Federated National (NASDAQ:FNHC) last posted its quarterly earnings data on Monday, November 6th. The insurance provider reported ($0.42) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.56) by $0.14. Federated National had a negative return on equity of 4.03% and a negative net margin of 2.54%. research analysts forecast that Federated National Holding Co will post 0.19 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 1st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.97%. The ex-dividend date is Wednesday, January 31st. Federated National’s payout ratio is -45.07%.
Federated National announced that its board has initiated a stock buyback program on Tuesday, December 19th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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About Federated National
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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