Fidelis Insurance (NYSE:PLGO) Hits New 12-Month High - Here's What Happened

Key Points

• Fidelis Insurance shares reached a new 52-week high of $26.41, with the stock recently trading near $26 and above its 50-day moving average of $24.44.
• Analyst opinions remain mixed: the consensus rating is “Hold” with a $27.00 price target, despite several Buy ratings and recent target increases from UBS and JPMorgan.
• The company reported quarterly EPS of $0.34 on $650 million in revenue and pays a $0.15 quarterly dividend, equivalent to a 2.3% yield; institutional investors own nearly 82% of its shares.

Fidelis Insurance Holdings Limited (NYSE:PLGO - Get Free Report) hit a new 52-week high on Friday. The company traded as high as $26.41 and last traded at $25.9960, with a volume of 8,946 shares. The stock had previously closed at $26.21.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLGO shares. Keefe, Bruyette & Woods reduced their price target on Fidelis Insurance from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, August 14th. Wall Street Zen cut Fidelis Insurance from a "buy" rating to a "hold" rating in a research report on Sunday, October 18th. Weiss Ratings reissued a "buy (b)" rating on shares of Fidelis Insurance in a report on Friday, August 7th. 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 research report on Monday, July 20th. Finally, UBS Group raised their price target on shares of Fidelis Insurance from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Fidelis Insurance has an average rating of "Hold" and a consensus price target of $27.00.

Fidelis Insurance Stock Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market capitalization of $2.23 billion, a P/E ratio of 6.32 and a beta of 0.28. The firm has a fifty day simple moving average of $24.44.

Fidelis Insurance (NYSE:PLGO - Get Free Report) last released its earnings results on Tuesday, June 30th. The company reported $0.34 EPS for the quarter. The firm had revenue of $650.00 million for the quarter. Fidelis Insurance had a net margin of 15.94% and a return on equity of 15.26%. On average, sell-side analysts forecast that Fidelis Insurance Holdings Limited will post 3.18 EPS for the current fiscal year.

Fidelis Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Monday, September 14th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, September 14th. This represents a $0.60 annualized dividend and a yield of 2.3%. Fidelis Insurance's dividend payout ratio is presently 14.71%.

Institutional Investors Weigh In On Fidelis Insurance

Large investors have recently modified their holdings of the business. State Street Corp acquired a new position in shares of Fidelis Insurance during the 2nd quarter worth $20,081,000. Citadel Advisors LLC acquired a new stake in Fidelis Insurance in the second quarter valued at about $3,713,000. Susquehanna Fundamental Investments LLC bought a new position in Fidelis Insurance in the second quarter valued at about $1,633,000. Engineers Gate Manager LP bought a new position in Fidelis Insurance in the second quarter valued at about $1,468,000. Finally, Optimize Financial Inc. acquired a new position in Fidelis Insurance during the second quarter worth about $621,000. Institutional investors and hedge funds own 81.99% of the company's stock.

About Fidelis Insurance

Fidelis Insurance Holdings Limited is a specialty insurance company that provides customized insurance and reinsurance solutions for complex and large-scale risks. The company operates through a portfolio of underwriting businesses designed to serve clients and brokers whose coverage needs may not be fully addressed by the standard insurance market.

Its offerings include specialty property and casualty insurance, commercial insurance, marine and aviation coverage, energy-related insurance, cyber insurance, political risk protection and other tailored products.

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