Fidelis Insurance (NYSE:PLGO) Hits New 52-Week High on Earnings Beat

Key Points

• Fidelis Insurance shares hit a new 52-week high of $29.62 after quarterly EPS of $1.00 beat analyst expectations of $0.79; revenue was $800.9 million.
• The company raised its quarterly dividend from $0.15 to $0.22 per share, equivalent to an annualized $0.88 and a 3.1% yield.
• Analyst views are mixed, with MarketBeat reporting a consensus “Hold” rating and an average price target of $27. The article also notes a ticker discrepancy: Fidelis is listed as FIHL, though the headline identifies PLGO.

Fidelis Insurance Holdings Limited (NYSE:PLGO - Get Free Report)'s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $29.62 and last traded at $28.9450, with a volume of 50,925 shares trading hands. The stock had previously closed at $27.97.

The company reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.21. Fidelis Insurance had a net margin of 15.94% and a return on equity of 15.26%. The firm had revenue of $800.90 million during the quarter.

Fidelis Insurance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 23rd. Shareholders of record on Friday, December 11th will be issued a $0.22 dividend. This is an increase from Fidelis Insurance's previous quarterly dividend of $0.15. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, December 11th. Fidelis Insurance's dividend payout ratio is presently 14.71%.

Wall Street Analyst Weigh In

PLGO has been the topic of a number of research reports. Barclays decreased 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 note on Thursday, August 13th. Wall Street Zen lowered Fidelis Insurance from a "buy" rating to a "hold" rating in a research report on Sunday, October 18th. Zacks Research lowered Fidelis Insurance from a "hold" rating to a "strong sell" rating in a research report on Friday, October 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fidelis Insurance in a research note on Wednesday, November 4th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Fidelis Insurance from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, August 14th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Fidelis Insurance presently has a consensus rating of "Hold" and an average price target of $27.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Citizens Financial Group Inc. RI raised its position in shares of Fidelis Insurance by 1.3% in the third quarter. Citizens Financial Group Inc. RI now owns 40,784 shares of the company's stock worth $965,000 after buying an additional 540 shares in the last quarter. Sterling Capital Management LLC raised its position in Fidelis Insurance by 7.1% during the 3rd quarter. Sterling Capital Management LLC now owns 14,315 shares of the company's stock valued at $339,000 after purchasing an additional 954 shares during the last quarter. Allworth Financial LP purchased a new stake in Fidelis Insurance in the 2nd quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Fidelis Insurance in the 3rd quarter worth approximately $66,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Fidelis Insurance in the 3rd quarter worth approximately $77,000. 81.99% of the stock is owned by institutional investors.

Fidelis Insurance Stock Performance

The firm has a market cap of $2.49 billion, a PE ratio of 7.07 and a beta of 0.24. The company has a 50-day moving average of $25.20. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.65 and a quick ratio of 0.65.

About Fidelis Insurance

Fidelis Insurance Holdings Limited is a specialty insurer and reinsurer focused on providing coverage for complex and less commonly insured risks. Its products span areas such as property, marine, aviation, energy, and other specialty lines, serving businesses and clients in markets around the world. Founded in 2015, the company is headquartered in Bermuda and operates internationally. Fidelis Insurance Holdings is listed on the New York Stock Exchange under the symbol FIHL; PLGO does not appear to be its ticker symbol.

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.