Fidelis Insurance (NYSE:PLGO) Reaches New 1-Year High – Here’s What Happened

Fidelis Insurance Holdings Limited (NYSE:PLGO)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $24.15 and last traded at $24.08, with a volume of 127970 shares traded. The stock had previously closed at $23.55.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PLGO shares. JPMorgan Chase & Co. raised their price objective on shares of Fidelis Insurance from $21.00 to $23.00 and gave the company an “underweight” rating in a research note on Tuesday, May 26th. Weiss Ratings started coverage on shares of Fidelis Insurance in a research note on Wednesday, May 13th. They issued a “buy (b)” rating on the stock. Keefe, Bruyette & Woods increased their price target on shares of Fidelis Insurance from $26.50 to $28.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Wall Street Zen upgraded shares of Fidelis Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, Zacks Research raised Fidelis Insurance from a “strong sell” rating to a “strong-buy” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Fidelis Insurance presently has an average rating of “Moderate Buy” and an average target price of $24.33.

Fidelis Insurance Stock Performance

The firm has a market cap of $2.08 billion, a PE ratio of 6.43 and a beta of 0.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.70 and a current ratio of 0.70.

Fidelis Insurance (NYSE:PLGO) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.19. The firm had revenue of $612.20 million during the quarter, compared to analysts’ expectations of $577.19 million. Fidelis Insurance had a net margin of 15.33% and a return on equity of 14.44%. As a group, sell-side analysts forecast that Fidelis Insurance Holdings Limited will post 3.78 earnings per share for the current year.

About Fidelis Insurance

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.