Fidelis Insurance (NYSE:PLGO) Reaches New 52-Week High – Here’s Why

Shares of Fidelis Insurance Holdings Limited (NYSE:PLGO) hit a new 52-week high during trading on Friday . The stock traded as high as $26.02 and last traded at $25.8440, with a volume of 29842 shares trading hands. The stock had previously closed at $25.44.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Citizens Jmp lifted their target price on shares of Fidelis Insurance from $27.00 to $28.00 and gave the stock a “market outperform” rating in a report on Friday, July 10th. JPMorgan Chase & Co. increased their price target on shares of Fidelis Insurance from $21.00 to $23.00 and gave the company an “underweight” rating in a report on Tuesday, May 26th. UBS Group raised their price target on shares of Fidelis Insurance from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Zacks Research upgraded shares of Fidelis Insurance from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods upped their price objective on Fidelis Insurance from $28.00 to $29.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fidelis Insurance currently has an average rating of “Moderate Buy” and a consensus price target of $26.60.

Fidelis Insurance Trading Down 0.2%

The stock has a fifty day moving average price of $23.54. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.37. The firm has a market cap of $2.19 billion, a P/E ratio of 6.79 and a beta of 0.29.

Fidelis Insurance (NYSE:PLGO) last posted its earnings results on Wednesday, May 13th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.19. Fidelis Insurance had a net margin of 15.33% and a return on equity of 14.44%. The business had revenue of $612.20 million for the quarter, compared to analysts’ expectations of $577.19 million. Sell-side analysts anticipate that Fidelis Insurance Holdings Limited will post 3.78 EPS for the current fiscal year.

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.