Citizens Jmp Raises Fidelis Insurance (NYSE:PLGO) Price Target to $29.00

Key Points

• Citizens JMP raised Fidelis Insurance’s price target from $28 to $29 and maintained a “market outperform” rating, implying approximately 29.4% upside from the stock’s $22.41 price.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two rate it Hold, and one rates it Sell, producing an overall “Hold” consensus and an average price target of $27.40.
• Fidelis shares fell 7.9% to $22.41 during Thursday trading. The company recently reported quarterly EPS of $0.34 on $650 million in revenue, with a 15.33% net margin and 14.44% return on equity.

Fidelis Insurance (NYSE:PLGO - Get Free Report) had its price target raised by investment analysts at Citizens Jmp from $28.00 to $29.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. Citizens Jmp's target price indicates a potential upside of 29.44% from the stock's current price.

Several other research analysts also recently issued reports on the company. Wall Street Zen raised Fidelis Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. UBS Group boosted their target price on Fidelis Insurance from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fidelis Insurance in a research note on Friday, August 7th. Barclays raised their price target on Fidelis Insurance from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Finally, Zacks Research lowered Fidelis Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Fidelis Insurance currently has an average rating of "Hold" and a consensus price target of $27.40.

Fidelis Insurance Stock Down 7.9%

PLGO traded down $1.92 during trading on Thursday, hitting $22.41. The company's stock had a trading volume of 318,037 shares, compared to its average volume of 416,084. The company's 50 day moving average price is $24.46. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.37. Fidelis Insurance has a 12 month low of $15.94 and a 12 month high of $26.34. The company has a market capitalization of $1.93 billion, a PE ratio of 5.99 and a beta of 0.28.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last issued 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 firm had revenue of $650.00 million for the quarter. On average, sell-side 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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