Fidelis Insurance (NYSE:PLGO) Shares Gap Down on Disappointing Earnings

Fidelis Insurance Holdings Limited (NYSE:PLGO)’s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $24.32, but opened at $21.08. Fidelis Insurance shares last traded at $22.42, with a volume of 318,037 shares trading hands.

The company reported $0.34 earnings per share for the quarter. Fidelis Insurance had a net margin of 15.33% and a return on equity of 14.44%. The business had revenue of $650.00 million for the quarter.

Fidelis Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Monday, September 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. Fidelis Insurance’s dividend payout ratio is presently 16.04%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PLGO. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fidelis Insurance in a report on Friday, August 7th. Barclays increased their target price on Fidelis Insurance from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Zacks Research lowered Fidelis Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. UBS Group upped their price objective on Fidelis Insurance from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. increased their price objective on Fidelis Insurance from $23.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, July 20th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $27.40.

Fidelis Insurance Price Performance

The firm’s 50 day moving average price is $24.46. The company has a market capitalization of $1.96 billion, a PE ratio of 6.07 and a beta of 0.28. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.70 and a quick ratio of 0.70.

Fidelis Insurance Company Profile

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.