Fidelis Insurance (NYSE:PLGO) Sets New 52-Week High – Should You Buy?

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen downgraded Fidelis Insurance from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Zacks Research lowered Fidelis Insurance from a “hold” rating to a “strong sell” rating in a research note on Friday, October 9th. JPMorgan Chase & Co. lifted their price target on Fidelis Insurance from $23.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, July 20th. Barclays cut their price objective on Fidelis Insurance from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Thursday, August 13th. Finally, Citizens Jmp upped their target price on Fidelis Insurance from $28.00 to $29.00 and gave the company 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 assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $27.00.

Fidelis Insurance Trading Down 0.7%

The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 6.79 and a beta of 0.24. The firm’s fifty day moving average price is $24.98. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.32.

Fidelis Insurance (NYSE:PLGO) last posted its quarterly earnings results on Tuesday, June 30th. The company reported $0.34 earnings per share 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%. As a group, research analysts forecast that Fidelis Insurance Holdings Limited will post 3.18 earnings per share for the current fiscal year.

Fidelis Insurance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 23rd. Stockholders of record on Friday, December 11th will be paid a dividend of $0.22 per share. 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.2%. Fidelis Insurance’s dividend payout ratio is currently 14.71%.

Hedge Funds Weigh In On Fidelis Insurance

A number of large investors have recently made changes to their positions in the stock. Joel Isaacson & Co. LLC acquired a new position in Fidelis Insurance during the third quarter worth about $461,000. CenterBook Partners LP lifted its position in shares of Fidelis Insurance by 25.3% during the 3rd quarter. CenterBook Partners LP now owns 19,504 shares of the company’s stock valued at $461,000 after acquiring an additional 3,934 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Fidelis Insurance during the 3rd quarter valued at approximately $66,000. Citizens Financial Group Inc. RI boosted its stake in shares of Fidelis Insurance by 1.3% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 40,784 shares of the company’s stock worth $965,000 after acquiring an additional 540 shares in the last quarter. Finally, Kendall Capital Management boosted 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 worth $2,284,000 after acquiring an additional 5,065 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

About Fidelis Insurance

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.