Fidelis Insurance (NYSE:PLGO) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Fidelis Insurance from “buy” to “hold,” while analysts’ overall consensus is also “hold” with a $27.00 target price.
• Analyst sentiment is mixed: four firms rate the stock “buy,” one “hold,” and two “sell,” including a recent Zacks Research downgrade to “strong sell.”
• PLGO opened at $25.31, near its 52-week high of $26.34, and reported quarterly EPS of $0.34 on $650 million in revenue; institutional investors own approximately 81.99% of the shares.

Fidelis Insurance (NYSE:PLGO - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

PLGO has been the subject of a number of other research reports. Zacks Research lowered shares of Fidelis Insurance from a "hold" rating to a "strong sell" rating in a report on Friday, October 9th. UBS Group raised their price objective on shares of Fidelis Insurance from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods reduced their target price on shares of Fidelis Insurance from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, August 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fidelis Insurance in a report on Friday, August 7th. Finally, Citizens Jmp boosted their target price on shares of Fidelis Insurance from $28.00 to $29.00 and gave the company a "market outperform" rating in a report on Thursday, August 13th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $27.00.

Fidelis Insurance Stock Performance

Shares of PLGO stock opened at $25.31 on Friday. 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 52-week low of $17.58 and a 52-week high of $26.34. The business's 50 day simple moving average is $24.32. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 6.20 and a beta of 0.28.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last announced its earnings results on Tuesday, June 30th. The company reported $0.34 earnings per share (EPS) for the quarter. The business had revenue of $650.00 million for 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 3.18 EPS for the current year.

Institutional Investors Weigh In On Fidelis Insurance

A number of institutional investors and hedge funds have recently made changes to their positions in PLGO. State of Alaska Department of Revenue purchased a new position in shares of Fidelis Insurance during the 3rd quarter worth approximately $77,000. State Street Corp acquired a new stake in Fidelis Insurance in the 2nd quarter valued at approximately $20,081,000. The Manufacturers Life Insurance Company purchased a new stake in Fidelis Insurance in the second quarter valued at approximately $258,000. Engineers Gate Manager LP purchased a new stake in Fidelis Insurance in the second quarter valued at approximately $1,468,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Fidelis Insurance in the second quarter valued at approximately $91,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

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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