Jackson Financial Inc. $JXN Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Jackson Financial stake by 17.5% in the first quarter to 325,222 shares, while institutional investors collectively own nearly 90% of the company.
• Analysts maintain a favorable outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $133.80; several firms recently raised their targets to as high as $149.
• Jackson Financial beat quarterly expectations with $7.30 in earnings per share versus $5.72 forecast and announced a $0.90 quarterly dividend, equivalent to a 2.7% yield.

Bank of America Corp DE lifted its holdings in shares of Jackson Financial Inc. (NYSE:JXN - Free Report) by 17.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 325,222 shares of the company's stock after acquiring an additional 48,399 shares during the period. Bank of America Corp DE owned 0.47% of Jackson Financial worth $34,382,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in Jackson Financial by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,060,350 shares of the company's stock worth $429,240,000 after acquiring an additional 18,740 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Jackson Financial by 16.5% in the fourth quarter. Hsbc Holdings PLC now owns 1,550,942 shares of the company's stock valued at $166,476,000 after acquiring an additional 220,095 shares in the last quarter. Norges Bank purchased a new position in shares of Jackson Financial during the fourth quarter worth about $129,878,000. Morgan Stanley grew its holdings in shares of Jackson Financial by 6.0% during the fourth quarter. Morgan Stanley now owns 1,196,405 shares of the company's stock worth $127,597,000 after purchasing an additional 67,796 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Jackson Financial by 14.8% during the fourth quarter. Federated Hermes Inc. now owns 981,046 shares of the company's stock worth $104,629,000 after purchasing an additional 126,611 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Jefferies Financial Group raised Jackson Financial from a "hold" rating to a "buy" rating and upped their target price for the company from $120.00 to $140.00 in a research report on Friday, July 10th. Evercore set a $135.00 price target on Jackson Financial in a research report on Wednesday, August 5th. Barclays boosted their price objective on Jackson Financial from $139.00 to $149.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Wall Street Zen raised Jackson Financial from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Jackson Financial from $130.00 to $140.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $133.80.

Jackson Financial Price Performance

Shares of NYSE JXN opened at $135.29 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.26 and a quick ratio of 0.26. The company has a market cap of $9.16 billion, a PE ratio of 190.55 and a beta of 1.30. The stock has a fifty day moving average price of $116.92 and a 200 day moving average price of $112.29. Jackson Financial Inc. has a 1-year low of $89.67 and a 1-year high of $137.99.

Jackson Financial (NYSE:JXN - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $7.30 EPS for the quarter, topping analysts' consensus estimates of $5.72 by $1.58. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.91 billion. Jackson Financial had a net margin of 1.59% and a return on equity of 18.93%.

Jackson Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.90 per share. The ex-dividend date is Tuesday, September 15th. This represents a $3.60 annualized dividend and a yield of 2.7%. Jackson Financial's payout ratio is presently 507.04%.

Insider Buying and Selling

In other news, EVP Carrie Chelko sold 7,500 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $134.24, for a total transaction of $1,006,800.00. Following the completion of the transaction, the executive vice president directly owned 80,914 shares of the company's stock, valued at approximately $10,861,895.36. This represents a 8.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher Raub sold 5,000 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $130.69, for a total value of $653,450.00. Following the transaction, the chief executive officer directly owned 42,160 shares in the company, valued at $5,509,890.40. This represents a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.40% of the company's stock.

Jackson Financial Profile

Jackson Financial Inc is a U.S.-based financial services holding company headquartered in Lansing, Michigan. The company operates primarily through its principal subsidiary, Jackson National Life Insurance Company, and specializes in designing and distributing retirement products. Jackson Financial has been publicly traded on the New York Stock Exchange under the ticker JXN since its initial public offering in May 2022.

The company's core offerings include a broad range of fixed, variable and indexed annuity products aimed at helping individuals preserve and grow retirement assets.

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