State Street Corp Buys 824,688 Shares of Fidelis Insurance Holdings Limited $PLGO

Key Points

• State Street acquired 824,688 shares of Fidelis Insurance during the second quarter, worth approximately $20.1 million and representing about 0.96% of the company. Institutional investors collectively own 81.99% of PLGO.
• Fidelis reported quarterly revenue of $650 million and earnings of $0.34 per share, with a 15.94% net margin and 15.26% return on equity. Analysts expect full-year earnings of $3.21 per share.
• The company pays a quarterly dividend of $0.15, equivalent to an annualized $0.60 and a 2.5% yield. Analysts have a consensus “Hold” rating and a $27 average price target, compared with a recent share price of $24.05.

State Street Corp purchased a new position in Fidelis Insurance Holdings Limited (NYSE:PLGO - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 824,688 shares of the company's stock, valued at approximately $20,081,000. State Street Corp owned about 0.96% of Fidelis Insurance at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allworth Financial LP purchased a new position in shares of Fidelis Insurance in the 2nd quarter worth $47,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Fidelis Insurance during the 2nd quarter valued at about $91,000. The Manufacturers Life Insurance Company acquired a new position in shares of Fidelis Insurance during the second quarter worth $258,000. Susquehanna International Group LLP purchased a new position in Fidelis Insurance in the 2nd quarter valued at about $388,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Fidelis Insurance during the second quarter valued at about $404,000. Hedge funds and other institutional investors own 81.99% of the company's stock.

Fidelis Insurance Stock Performance

PLGO stock opened at $24.05 on Friday. The stock's 50 day moving average is $24.64. Fidelis Insurance Holdings Limited has a 52 week low of $16.96 and a 52 week high of $26.34. The firm has a market capitalization of $2.08 billion, a PE ratio of 5.89 and a beta of 0.27. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.65 and a current ratio of 0.65.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported $0.34 earnings per share (EPS) for the quarter. Fidelis Insurance had a net margin of 15.94% and a return on equity of 15.26%. The company had revenue of $650.00 million during the quarter. Sell-side analysts predict that Fidelis Insurance Holdings Limited will post 3.21 EPS for the current year.

Fidelis Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Monday, September 14th were paid a $0.15 dividend. The ex-dividend date was Monday, September 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. Fidelis Insurance's payout ratio is 14.71%.

Wall Street Analyst Weigh In

PLGO has been the subject of a number of recent analyst reports. Zacks Research downgraded shares of Fidelis Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Barclays reduced their price target on shares of Fidelis Insurance from $24.00 to $23.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 13th. JPMorgan Chase & Co. lifted their price target on Fidelis Insurance from $23.00 to $26.00 and gave the stock an "underweight" rating in a research note on Monday, July 20th. Weiss Ratings reissued a "buy (b)" rating on shares of Fidelis Insurance in a research report on Friday, August 7th. Finally, Citizens Jmp raised their price objective on Fidelis Insurance from $28.00 to $29.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 13th. Four equities 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. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $27.00.

About Fidelis Insurance

Fidelis Insurance Holdings Limited is a specialty insurance company headquartered in Bermuda, with operations focused on underwriting complex commercial risks. The company provides insurance and reinsurance solutions for clients and business partners that require tailored coverage beyond the scope of standard insurance products.

Fidelis operates through a diversified portfolio of specialty lines, including property, casualty, marine, energy, aviation, cyber, and other commercial risks.

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