F&G Annuities & Life (NYSE:FG) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded F&G Annuities & Life to “strong sell” from “hold,” contributing to an overall “Reduce” consensus rating and a $30 average price target.
• The company’s latest quarterly results missed expectations, with earnings per share of $0.65 versus the $0.78 consensus and revenue of $1.42 billion versus estimates of $1.49 billion.
• FG shares opened at $25.00, within a 12-month range of $20.57 to $35.60, while institutional investors collectively own 95.86% of the stock.

F&G Annuities & Life (NYSE:FG - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Thursday, Zacks reports.

Several other analysts have also recently commented on the stock. Wall Street Zen cut shares of F&G Annuities & Life from a "buy" rating to a "hold" rating in a research note on Sunday, July 5th. Raymond James Financial assumed coverage on F&G Annuities & Life in a research note on Wednesday, May 6th. They set a "market perform" rating on the stock. Finally, Weiss Ratings cut F&G Annuities & Life from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, F&G Annuities & Life has an average rating of "Reduce" and a consensus target price of $30.00.

F&G Annuities & Life Price Performance

F&G Annuities & Life stock opened at $25.00 on Thursday. F&G Annuities & Life has a 12-month low of $20.57 and a 12-month high of $35.60. The stock has a market capitalization of $3.27 billion, a P/E ratio of 8.53 and a beta of 1.17. The firm's 50-day moving average is $27.47 and its two-hundred day moving average is $26.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.30 and a quick ratio of 0.30.

F&G Annuities & Life (NYSE:FG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.13). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.49 billion. F&G Annuities & Life had a net margin of 6.89% and a return on equity of 10.28%. Equities analysts predict that F&G Annuities & Life will post 3.17 earnings per share for the current year.

Hedge Funds Weigh In On F&G Annuities & Life

A number of large investors have recently bought and sold shares of FG. Vanguard Group Inc. raised its position in shares of F&G Annuities & Life by 85.4% in the 4th quarter. Vanguard Group Inc. now owns 3,807,765 shares of the company's stock worth $117,470,000 after buying an additional 1,753,709 shares during the period. Dimensional Fund Advisors LP raised its holdings in F&G Annuities & Life by 32.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,480,179 shares of the company's stock valued at $37,475,000 after buying an additional 358,616 shares during the period. California State Teachers Retirement System lifted its position in F&G Annuities & Life by 2,554.2% during the second quarter. California State Teachers Retirement System now owns 1,134,037 shares of the company's stock valued at $30,154,000 after buying an additional 1,091,311 shares in the last quarter. State Street Corp grew its stake in F&G Annuities & Life by 93.6% during the fourth quarter. State Street Corp now owns 847,443 shares of the company's stock worth $26,144,000 after buying an additional 409,743 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of F&G Annuities & Life by 44.2% in the fourth quarter. Geode Capital Management LLC now owns 736,885 shares of the company's stock worth $22,735,000 after acquiring an additional 225,817 shares in the last quarter. Hedge funds and other institutional investors own 95.86% of the company's stock.

About F&G Annuities & Life

F&G Annuities & Life is the principal life insurance and annuity subsidiary of F&G Financial Group, Inc NYSE: FG, a publicly traded financial services holding company headquartered in Des Moines, Iowa. The company focuses on designing and issuing retirement income solutions that address longevity risk, capital preservation, and wealth transfer for individual and institutional clients.

Its product suite includes fixed indexed annuities, which offer the potential for market-linked growth with downside protection; fixed-rate annuities, delivering guaranteed interest over a defined term; and a range of life insurance policies such as term, universal, and variable universal life.

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