Fidelis Insurance (NYSE:PLGO) Sets New 12-Month High – What’s Next?

Fidelis Insurance Holdings Limited (NYSE:PLGO)’s stock price hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $27.75 and last traded at $28.14, with a volume of 14,450 shares trading hands. The stock had previously closed at $26.12.

Analyst Ratings Changes

PLGO has been the subject of several research analyst reports. Wall Street Zen lowered Fidelis Insurance from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Keefe, Bruyette & Woods cut their price target on shares of Fidelis Insurance from $29.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, August 14th. Zacks Research lowered shares of Fidelis Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, October 9th. Weiss Ratings restated a “buy (b)” rating on shares of Fidelis Insurance in a report on Friday, August 7th. Finally, Citizens Jmp lifted their price objective on shares of Fidelis Insurance from $28.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 13th. Four equities research 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.00.

Fidelis Insurance Stock Up 0.1%

The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 6.75 and a beta of 0.24. The stock has a 50-day simple moving average of $24.84. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.32.

Fidelis Insurance (NYSE:PLGO) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $0.34 EPS for the quarter. The firm had revenue of $650.00 million for the quarter. Fidelis Insurance had a return on equity of 15.26% and a net margin of 15.94%. Equities analysts forecast that Fidelis Insurance Holdings Limited will post 3.18 earnings per share for the current fiscal year.

Fidelis Insurance Increases Dividend

The firm 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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.2%. This is a boost from Fidelis Insurance’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, December 11th. Fidelis Insurance’s payout ratio is currently 14.71%.

Hedge Funds Weigh In On Fidelis Insurance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLGO. State Street Corp purchased a new position in shares of Fidelis Insurance in the second quarter worth about $20,081,000. Citadel Advisors LLC purchased a new stake in shares of Fidelis Insurance during the 2nd quarter valued at approximately $3,713,000. Kendall Capital Management lifted its stake in shares of Fidelis Insurance by 5.5% during the 3rd quarter. Kendall Capital Management now owns 96,530 shares of the company’s stock valued at $2,284,000 after buying an additional 5,065 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Fidelis Insurance in the 2nd quarter worth approximately $1,633,000. Finally, Engineers Gate Manager LP bought a new position in Fidelis Insurance in the 2nd quarter worth approximately $1,468,000. Institutional investors own 81.99% of the company’s stock.

Fidelis Insurance Company Profile

Fidelis Insurance Holdings Limited is a specialty insurance company that provides customized insurance and reinsurance solutions for complex and large-scale risks. The company operates through a portfolio of underwriting businesses designed to serve clients and brokers whose coverage needs may not be fully addressed by the standard insurance market.

Its offerings include specialty property and casualty insurance, commercial insurance, marine and aviation coverage, energy-related insurance, cyber insurance, political risk protection and other tailored products.