Jackson Financial Inc. (NYSE:JXN) Stake Lessened by Summit Global Investments

Summit Global Investments trimmed its stake in shares of Jackson Financial Inc. (NYSE:JXN) by 37.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,837 shares of the company’s stock after selling 4,629 shares during the quarter. Summit Global Investments’ holdings in Jackson Financial were worth $715,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its position in shares of Jackson Financial by 23.7% during the first quarter. Janney Montgomery Scott LLC now owns 42,848 shares of the company’s stock worth $2,834,000 after purchasing an additional 8,204 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Jackson Financial by 557.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,600 shares of the company’s stock worth $304,000 after buying an additional 3,900 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of Jackson Financial by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 61,924 shares of the company’s stock worth $4,096,000 after acquiring an additional 810 shares in the last quarter. LSV Asset Management increased its holdings in shares of Jackson Financial by 803.4% in the 1st quarter. LSV Asset Management now owns 17,164 shares of the company’s stock valued at $1,135,000 after acquiring an additional 15,264 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Jackson Financial by 74.8% during the 1st quarter. SG Americas Securities LLC now owns 3,712 shares of the company’s stock valued at $246,000 after acquiring an additional 1,588 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on JXN. Keefe, Bruyette & Woods lifted their price objective on shares of Jackson Financial from $80.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, August 14th. Jefferies Financial Group lifted their price target on shares of Jackson Financial from $73.00 to $80.00 and gave the company a “hold” rating in a report on Monday, July 29th. Morgan Stanley increased their price objective on shares of Jackson Financial from $86.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, Barclays lifted their target price on Jackson Financial from $109.00 to $111.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $80.33.

Insider Buying and Selling at Jackson Financial

In other news, EVP Carrie Chelko sold 5,500 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $91.31, for a total value of $502,205.00. Following the completion of the transaction, the executive vice president now directly owns 61,829 shares in the company, valued at $5,645,605.99. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is owned by corporate insiders.

Jackson Financial Price Performance

Shares of NYSE:JXN opened at $108.29 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average is $94.01 and its two-hundred day moving average is $83.39. The firm has a market capitalization of $8.15 billion, a P/E ratio of -8.57 and a beta of 1.48. Jackson Financial Inc. has a 52 week low of $41.61 and a 52 week high of $115.09.

Jackson Financial (NYSE:JXN) last announced its earnings results on Wednesday, November 6th. The company reported $4.60 earnings per share for the quarter, missing the consensus estimate of $4.66 by ($0.06). The business had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $3.80 earnings per share. Analysts anticipate that Jackson Financial Inc. will post 18.78 earnings per share for the current year.

Jackson Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.80 dividend on an annualized basis and a yield of 2.59%. Jackson Financial’s dividend payout ratio is presently -22.15%.

Jackson Financial declared that its Board of Directors has authorized a stock buyback plan on Wednesday, August 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Jackson Financial Company Profile

Jackson Financial Inc, through its subsidiaries, provides suite of annuities to retail investors in the United States. The company operates through three segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks. The Retail Annuities segment offers various retirement income and savings products, including variable, fixed index, fixed, and payout annuities, as well as registered index-linked annuities and lifetime income solutions.