Wall Street Zen Upgrades Fidelis Insurance (NYSE:PLGO) to Buy

Fidelis Insurance (NYSE:PLGO) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Several other analysts have also weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Fidelis Insurance in a research report on Friday, August 7th. Zacks Research cut shares of Fidelis Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods cut their price target on shares of Fidelis Insurance from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. Citizens Jmp lifted their price objective on Fidelis Insurance from $28.00 to $29.00 and gave the company a “market outperform” rating in a report on Thursday, August 13th. Finally, UBS Group upped their price objective on Fidelis Insurance from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. 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 a consensus price target of $27.00.

Fidelis Insurance Price Performance

PLGO opened at $24.27 on Friday. Fidelis Insurance has a fifty-two week low of $17.58 and a fifty-two week high of $26.34. 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 business’s fifty day simple moving average is $24.37. The firm has a market capitalization of $2.10 billion, a P/E ratio of 5.95 and a beta of 0.28.

Fidelis Insurance (NYSE:PLGO) last announced its quarterly 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 firm had revenue of $650.00 million for the quarter. On average, equities research analysts expect that Fidelis Insurance will post 3.18 EPS for the current fiscal year.

Institutional Trading of Fidelis Insurance

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

About Fidelis Insurance

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.