F&G Annuities & Life (NYSE:FG) Shares Gap Up - Here's Why

Key Points

• F&G Annuities & Life shares gapped up before trading, opening at $29.67 versus a prior close of $28.09, after recently trading higher on notable volume.
• Analyst sentiment remains cautious: several firms recently issued or reiterated Hold/equal-weight views, and the average price target is about $30.
• The company reported mixed quarterly results, missing EPS estimates but beating revenue expectations, while also announcing a $0.25 quarterly dividend and a $100 million share repurchase program.

F&G Annuities & Life, Inc. (NYSE:FG - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $28.09, but opened at $29.67. F&G Annuities & Life shares last traded at $29.6770, with a volume of 223,912 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on FG shares. Wall Street Zen lowered F&G Annuities & Life from a "buy" rating to a "hold" rating in a report on Sunday. Raymond James Financial initiated coverage on F&G Annuities & Life in a research report on Wednesday, May 6th. They set a "market perform" rating on the stock. Zacks Research upgraded F&G Annuities & Life to a "hold" rating in a report on Thursday, May 7th. Weiss Ratings reissued a "hold (c)" rating on shares of F&G Annuities & Life in a research report on Friday, March 27th. Finally, Barclays dropped their price objective on F&G Annuities & Life from $31.00 to $27.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 8th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $30.00.

F&G Annuities & Life Stock Up 2.3%

The stock has a 50-day moving average of $25.42 and a 200 day moving average of $28.29. The company has a market capitalization of $3.81 billion, a PE ratio of 7.57 and a beta of 1.28. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.47.

F&G Annuities & Life (NYSE:FG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.90 by ($0.08). F&G Annuities & Life had a net margin of 8.89% and a return on equity of 10.73%. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $1.46 billion. Sell-side analysts anticipate that F&G Annuities & Life, Inc. will post 3.8 EPS for the current year.

F&G Annuities & Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, June 16th. F&G Annuities & Life's dividend payout ratio (DPR) is 26.25%.

F&G Annuities & Life announced that its board has approved a share repurchase program on Monday, March 16th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Insider Activity at F&G Annuities & Life

In other news, Director Celina J. Wang Doka purchased 4,760 shares of the company's stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $20.98 per share, with a total value of $99,864.80. Following the transaction, the director directly owned 32,071 shares of the company's stock, valued at approximately $672,849.58. This represents a 17.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher O. Blunt purchased 10,000 shares of the business's stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $20.99 per share, with a total value of $209,900.00. Following the purchase, the chief executive officer directly owned 1,107,128 shares in the company, valued at $23,238,616.72. This trade represents a 0.91% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On F&G Annuities & Life

Several institutional investors have recently added to or reduced their stakes in FG. Cubist Systematic Strategies LLC purchased a new position in shares of F&G Annuities & Life in the first quarter worth about $89,000. AQR Capital Management LLC bought a new position in F&G Annuities & Life in the 1st quarter worth approximately $521,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in F&G Annuities & Life by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,035 shares of the company's stock worth $398,000 after buying an additional 452 shares during the period. Millennium Management LLC grew its stake in F&G Annuities & Life by 330.8% in the 1st quarter. Millennium Management LLC now owns 217,306 shares of the company's stock valued at $7,834,000 after buying an additional 166,863 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in F&G Annuities & Life in the 1st quarter valued at approximately $276,000. 95.86% of the stock is owned by hedge funds and other institutional investors.

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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