Fidelis Insurance (NYSE:PLGO) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Fidelis Insurance (NYSE:PLGO) from a hold rating to a buy rating in a research note published on Saturday,Wall Street Zen reports.

A number of other research analysts also recently weighed in on the stock. 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 cut 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. UBS Group increased their price objective on shares of Fidelis Insurance from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. raised their price objective on Fidelis Insurance from $23.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Finally, Citizens Jmp lifted their target price on Fidelis Insurance from $28.00 to $29.00 and gave the company a “market outperform” rating in a research report on Thursday, August 13th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.00.

Fidelis Insurance Stock Performance

Shares of Fidelis Insurance stock opened at $24.27 on Friday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 5.95 and a beta of 0.28. The company has a 50 day moving average price of $24.37. 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 has a 52-week low of $17.58 and a 52-week high of $26.34.

Fidelis Insurance (NYSE:PLGO) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $0.34 earnings per share 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. As a group, equities research analysts predict that Fidelis Insurance will post 3.18 EPS for the current year.

Fidelis Insurance Announces Dividend

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

Institutional Trading of Fidelis Insurance

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp bought a new stake in Fidelis Insurance in the 2nd quarter valued at $20,081,000. The Manufacturers Life Insurance Company bought a new position in Fidelis Insurance during the 2nd quarter worth $258,000. Engineers Gate Manager LP bought a new position in Fidelis Insurance during the 2nd quarter worth $1,468,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Fidelis Insurance during the second quarter worth $91,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Fidelis Insurance in the second quarter valued at about $404,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Fidelis Insurance Company Profile

Fidelis Insurance Holdings Limited is a specialty insurance and reinsurance company headquartered in Bermuda. The company provides customized coverage for complex and hard-to-place risks, serving commercial clients, brokers and other insurance partners through a combination of underwriting and reinsurance operations.

Its product offerings include property, casualty, marine, energy, aviation, cyber, political violence and financial lines insurance, along with other specialty commercial coverages.