Fidelis Insurance (NYSE:PLGO) Issues Quarterly Earnings Results

Key Points

• Fidelis Insurance reported quarterly EPS of $0.34, substantially below analysts’ consensus estimate of $0.88, while revenue totaled $650 million. The company posted a 15.33% net margin and 14.44% return on equity.
• The company declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 2.5% yield. The dividend is payable September 25 to shareholders of record on September 14.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $27.20 target price, compared with a recent trading price of about $24.31. Shares remain near the upper end of their 52-week range of $15.94 to $26.34.

Fidelis Insurance (NYSE:PLGO - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.88 by ($0.54), Zacks reports. The company had revenue of $650.00 million for the quarter. Fidelis Insurance had a net margin of 15.33% and a return on equity of 14.44%.

Fidelis Insurance Price Performance

NYSE PLGO traded down $0.18 during mid-day trading on Wednesday, hitting $24.31. The company's stock had a trading volume of 320,886 shares, compared to its average volume of 417,873. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 6.50 and a beta of 0.28. 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 52-week low of $15.94 and a 52-week high of $26.34. The company has a fifty day moving average price of $24.39.

Fidelis Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Monday, September 14th will be issued a $0.15 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.60 annualized dividend and a yield of 2.5%. Fidelis Insurance's dividend payout ratio (DPR) is presently 16.04%.

Wall Street Analyst Weigh In

PLGO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Fidelis Insurance from $23.00 to $26.00 and gave the company an "underweight" rating in a report on Monday, July 20th. Zacks Research lowered shares of Fidelis Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective on shares of Fidelis Insurance from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Weiss Ratings restated a "buy (b)" rating on shares of Fidelis Insurance in a report on Friday. Finally, Citizens Jmp increased their target price on Fidelis Insurance from $27.00 to $28.00 and gave the stock a "market outperform" rating in a research report on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $27.20.

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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