Fidelity National Financial Inc. Acquires 4,500,000 Shares of F&G Annuities & Life, Inc. (NYSE:FG)

Key Points

• Fidelity National Financial Inc. has increased its stake in F&G Annuities & Life by 4.2%, making it the largest holding in its portfolio, valued at approximately $4 billion.
• F&G Annuities & Life reported a missed earnings estimate with EPS of $0.72, compared to the consensus estimate of $1.19, despite generating revenue of $2.18 billion.
• The company announced a quarterly dividend of $0.22, with a current dividend yield of 2.8%, reflecting its 23.34% payout ratio.

Fidelity National Financial Inc. grew its holdings in F&G Annuities & Life, Inc. (NYSE:FG - Free Report) by 4.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,942,551 shares of the company's stock after acquiring an additional 4,500,000 shares during the quarter. F&G Annuities & Life accounts for 89.3% of Fidelity National Financial Inc.'s portfolio, making the stock its largest holding. Fidelity National Financial Inc. owned approximately 82.29% of F&G Annuities & Life worth $3,999,479,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FG. Raymond James Financial Inc. acquired a new position in F&G Annuities & Life during the fourth quarter worth $604,000. American Century Companies Inc. raised its stake in F&G Annuities & Life by 31.5% during the fourth quarter. American Century Companies Inc. now owns 233,900 shares of the company's stock worth $9,693,000 after acquiring an additional 56,073 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in F&G Annuities & Life during the fourth quarter worth $141,000. JPMorgan Chase & Co. raised its stake in F&G Annuities & Life by 83.9% during the fourth quarter. JPMorgan Chase & Co. now owns 84,528 shares of the company's stock worth $3,503,000 after acquiring an additional 38,576 shares in the last quarter. Finally, Norges Bank acquired a new position in F&G Annuities & Life during the fourth quarter worth $14,321,000. 95.86% of the stock is owned by institutional investors.

F&G Annuities & Life Trading Down 1.6%

Shares of NYSE FG traded down $0.52 during mid-day trading on Friday, hitting $31.39. The company's stock had a trading volume of 210,986 shares, compared to its average volume of 164,199. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 8.33 and a beta of 1.55. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.27 and a quick ratio of 0.27. F&G Annuities & Life, Inc. has a one year low of $30.01 and a one year high of $50.75. The company's fifty day simple moving average is $31.78 and its 200-day simple moving average is $36.26.

F&G Annuities & Life (NYSE:FG - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.47). The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.46 billion. F&G Annuities & Life had a net margin of 9.90% and a return on equity of 12.89%. On average, sell-side analysts anticipate that F&G Annuities & Life, Inc. will post 5.54 earnings per share for the current fiscal year.

F&G Annuities & Life Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. F&G Annuities & Life's dividend payout ratio (DPR) is 23.34%.

Insider Transactions at F&G Annuities & Life

In related news, CEO Christopher O. Blunt bought 15,000 shares of F&G Annuities & Life stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $30.78 per share, for a total transaction of $461,700.00. Following the completion of the acquisition, the chief executive officer owned 889,964 shares in the company, valued at approximately $27,393,091.92. This represents a 1.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 45,000 shares of company stock worth $1,399,900 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays decreased their target price on F&G Annuities & Life from $40.00 to $37.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Wall Street Zen cut F&G Annuities & Life from a "hold" rating to a "sell" rating in a report on Monday, July 28th.

About F&G Annuities & Life

F&G Annuities & Life, Inc engages in the provision of fixed annuity and life insurance products. It specializes in life insurance, annuities, retirement planning and wealth transfer. The company was founded in 1959 and is headquartered in Des Moines, IA.