First Eagle Investment Management LLC Takes $11.31 Million Position in F&G Annuities & Life, Inc. $FG

Key Points

• First Eagle Investment Management disclosed a new $11.31 million stake in F&G Annuities & Life, buying 366,671 shares in the fourth quarter. Institutional investors now own a very large majority of the company’s stock.
• Several insiders also bought shares, including Director Celina J. Wang Doka and CEO Christopher O. Blunt, signaling internal confidence in the company. Corporate insiders collectively own about 2.10% of the stock.
• F&G reported mixed quarterly results, with earnings of $0.82 per share missing estimates but revenue of $2.25 billion beating expectations. The company also approved a $100 million share buyback and declared a quarterly dividend of $0.25 per share.

First Eagle Investment Management LLC bought a new stake in F&G Annuities & Life, Inc. (NYSE:FG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 366,671 shares of the company's stock, valued at approximately $11,312,000. First Eagle Investment Management LLC owned about 0.27% of F&G Annuities & Life at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FG. Stoneridge Investment Partners LLC grew its position in F&G Annuities & Life by 6.7% during the third quarter. Stoneridge Investment Partners LLC now owns 6,869 shares of the company's stock worth $215,000 after buying an additional 429 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in F&G Annuities & Life by 4.3% during the first 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 in the last quarter. Apella Capital LLC grew its position in F&G Annuities & Life by 4.5% during the fourth quarter. Apella Capital LLC now owns 10,551 shares of the company's stock worth $325,000 after buying an additional 458 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in F&G Annuities & Life by 83.8% during the third quarter. EverSource Wealth Advisors LLC now owns 1,211 shares of the company's stock worth $38,000 after buying an additional 552 shares in the last quarter. Finally, Godsey & Gibb Inc. grew its position in F&G Annuities & Life by 84.6% during the fourth quarter. Godsey & Gibb Inc. now owns 1,606 shares of the company's stock worth $50,000 after buying an additional 736 shares in the last quarter. Institutional investors and hedge funds own 95.86% of the company's stock.

Insiders Place Their Bets

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 stock was bought at an average cost of $20.98 per share, for a total transaction of $99,864.80. Following the purchase, the director owned 32,071 shares of the company's stock, valued at approximately $672,849.58. The trade was a 17.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher O. Blunt purchased 10,000 shares of the company's stock in a transaction dated Friday, March 13th. The stock was purchased at an average price of $20.99 per share, with a total value of $209,900.00. Following the completion of the purchase, the chief executive officer directly owned 1,107,128 shares in the company, valued at $23,238,616.72. The trade was a 0.91% increase in their position. The SEC filing for this purchase provides additional information. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

F&G Annuities & Life Stock Up 1.1%

NYSE FG opened at $28.05 on Wednesday. The business has a fifty day moving average price of $25.30 and a two-hundred day moving average price of $28.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.29 and a quick ratio of 0.29. F&G Annuities & Life, Inc. has a fifty-two week low of $20.57 and a fifty-two week high of $36.70. The stock has a market capitalization of $3.72 billion, a PE ratio of 7.36 and a beta of 1.28.

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

F&G Annuities & Life declared that its Board of Directors has approved a share buyback plan on Monday, March 16th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

F&G Annuities & Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, June 16th. F&G Annuities & Life's dividend payout ratio is presently 26.25%.

F&G Annuities & Life Company Profile

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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