Fidelis Insurance (NYSE:PLGO) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Fidelis Insurance from “hold” to “buy,” while the broader analyst consensus remains “hold” with an average price target of $27.00.
• Fidelis Insurance reported quarterly EPS of $0.34 on $650 million in revenue, with a 15.94% net margin and 15.26% return on equity.
• PLGO shares opened at $24.27, within a 12-month range of $17.58 to $26.34, and institutional investors own approximately 81.99% of the stock.

Fidelis Insurance (NYSE:PLGO - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on PLGO. Keefe, Bruyette & Woods cut their price target on Fidelis Insurance from $29.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday, August 14th. JPMorgan Chase & Co. boosted their price objective on Fidelis Insurance from $23.00 to $26.00 and gave the company an "underweight" rating in a report on Monday, July 20th. UBS Group upped their target price on Fidelis Insurance from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fidelis Insurance in a research report on Friday, August 7th. Finally, Citizens Jmp lifted their price target on Fidelis Insurance from $28.00 to $29.00 and gave the company a "market outperform" rating in a research report on Thursday, August 13th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Fidelis Insurance has a consensus rating of "Hold" and a consensus target price of $27.00.

Fidelis Insurance Price Performance

PLGO stock opened at $24.27 on Friday. The company has a fifty day simple moving average of $24.37. The stock has a market cap of $2.10 billion, a P/E ratio of 5.95 and a beta of 0.28. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.65 and a quick ratio of 0.65. Fidelis Insurance has a 12 month low of $17.58 and a 12 month high of $26.34.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported $0.34 earnings per share (EPS) for the quarter. The firm had revenue of $650.00 million during the quarter. Fidelis Insurance had a net margin of 15.94% and a return on equity of 15.26%. As a group, sell-side analysts forecast that Fidelis Insurance will post 3.21 earnings per share for the current year.

Institutional Trading of Fidelis Insurance

Institutional investors have recently made changes to their positions in the company. State Street Corp purchased a new position in Fidelis Insurance in the 2nd quarter valued at $20,081,000. Citadel Advisors LLC acquired a new stake in Fidelis Insurance during the 2nd quarter worth $3,713,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Fidelis Insurance during the second quarter worth $1,633,000. Engineers Gate Manager LP acquired a new stake in shares of Fidelis Insurance in the second quarter valued at about $1,468,000. Finally, Optimize Financial Inc. acquired a new stake in shares of Fidelis Insurance in the second quarter valued at about $621,000. 81.99% of the stock is owned by institutional investors and hedge funds.

About Fidelis Insurance

Fidelis Insurance Holdings Limited is a specialty insurance and reinsurance company headquartered in Bermuda. The company provides customized coverage for complex and hard-to-place risks, serving commercial clients, brokers and other insurance partners through a combination of underwriting and reinsurance operations.

Its product offerings include property, casualty, marine, energy, aviation, cyber, political violence and financial lines insurance, along with other specialty commercial coverages.

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