Barclays Has Lowered Expectations for Fidelis Insurance (NYSE:PLGO) Stock Price

Key Points

• Barclays lowered Fidelis Insurance’s price target from $24 to $23 while maintaining an “equal weight” rating, implying only 0.47% upside from the prior close.
• Analyst views remain mixed: the stock has a consensus “Hold” rating and an average target price of $27.20, with four Buy, two Hold, and one Sell rating.
• PLGO shares fell 5.9% to $22.89. Fidelis reported quarterly EPS of $0.34 on $650 million in revenue, with analysts forecasting full-year EPS of $3.80.

Fidelis Insurance (NYSE:PLGO - Get Free Report) had its price target reduced by Barclays from $24.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's target price suggests a potential upside of 0.47% from the stock's previous close.

Several other analysts have also recently issued reports on the stock. Zacks Research cut shares of Fidelis Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. lifted their target price on Fidelis Insurance from $23.00 to $26.00 and gave the stock an "underweight" rating in a report on Monday, July 20th. Keefe, Bruyette & Woods increased their price target on Fidelis Insurance from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. UBS Group lifted their price objective on shares of Fidelis Insurance from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Finally, Citizens Jmp increased their target price on shares of Fidelis Insurance from $28.00 to $29.00 and gave the company a "market outperform" rating in a research note on Thursday. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $27.20.

Fidelis Insurance Trading Down 5.9%

Shares of PLGO stock traded down $1.43 on Thursday, reaching $22.89. The company's stock had a trading volume of 486,328 shares, compared to its average volume of 417,814. The stock's fifty day simple moving average is $24.46. Fidelis Insurance has a 1 year low of $15.94 and a 1 year high of $26.34. The stock has a market capitalization of $1.98 billion, a P/E ratio of 6.07 and a beta of 0.28. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.70 and a quick ratio of 0.70.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.34 EPS for the quarter. Fidelis Insurance had a net margin of 15.33% and a return on equity of 14.44%. The business had revenue of $650.00 million during the quarter. Equities research analysts forecast that Fidelis Insurance will post 3.8 earnings per share for the current year.

About Fidelis Insurance

Fidelis is a leading global provider of bespoke and specialty insurance and reinsurance products. We believe our differentiated underwriting positions us well to generate strong returns across (re)insurance cycles. Current Fidelis is led by Mr. Daniel Burrows who has more than 35 years of experience in the insurance industry and is supported by a highly experienced management team that manages the operations of Current Fidelis based on our founding principles. Following the Separation Transactions, Current Fidelis is positioned as a global, specialty insurance provider with exclusive right of first access to Fidelis MGU's underwriting business during the term of the Framework Agreement.

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