Fidelis Insurance (NYSE:PLGO) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised its price target on Fidelis Insurance from $23 to $26, while keeping an underweight rating on the stock. The new target implies only modest upside from the prior close.
• Other analysts have turned more positive on the company, with several recent upgrades and a consensus rating of Moderate Buy. MarketBeat says the average price target is $27.20.
• Fidelis Insurance recently posted strong quarterly results, beating earnings and revenue estimates, and the stock was trading near its 52-week high at $25.84. The company also reported a low beta of 0.29 and a P/E ratio of 6.91.

Fidelis Insurance (NYSE:PLGO - Get Free Report) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $23.00 to $26.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 0.64% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Weiss Ratings assumed coverage on Fidelis Insurance in a research note on Wednesday, May 13th. They issued a "buy (b)" rating on the stock. UBS Group lifted their price target on Fidelis Insurance from $28.00 to $29.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Zacks Research raised Fidelis Insurance from a "strong sell" rating to a "strong-buy" rating in a research note on Thursday, May 28th. Barclays increased their price objective on Fidelis Insurance from $22.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Finally, Wall Street Zen raised shares of Fidelis Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.20.

Fidelis Insurance Stock Performance

Shares of NYSE PLGO traded up $0.43 during mid-day trading on Monday, reaching $25.84. The company had a trading volume of 67,851 shares, compared to its average volume of 429,731. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $2.23 billion, a P/E ratio of 6.91 and a beta of 0.29. The business has a fifty day simple moving average of $23.54. Fidelis Insurance has a 12-month low of $14.80 and a 12-month high of $26.18.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $0.94 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.19. Fidelis Insurance had a net margin of 15.33% and a return on equity of 14.44%. The firm had revenue of $612.20 million for the quarter, compared to the consensus estimate of $577.19 million. Sell-side analysts forecast that Fidelis Insurance will post 3.78 earnings per share for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.