Raymond James Financial Inc. Lowers Position in Jackson Financial Inc. $JXN

Key Points

• Raymond James Financial Inc. reduced its holdings in Jackson Financial Inc. by 22.6% during the first quarter, now owning 241,666 shares valued at approximately $20.2 million.
• Jackson Financial recently reported earnings of $4.87 per share for the quarter, exceeding analysts' expectations, while revenue was down 3.3% compared to the previous year.
• The company announced a quarterly dividend of $0.80 per share, with an annualized dividend yield of 3.2%, to be paid on September 25th.

Raymond James Financial Inc. lessened its holdings in Jackson Financial Inc. (NYSE:JXN - Free Report) by 22.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 241,666 shares of the company's stock after selling 70,606 shares during the period. Raymond James Financial Inc. owned 0.33% of Jackson Financial worth $20,247,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in JXN. Assenagon Asset Management S.A. raised its position in shares of Jackson Financial by 385.3% in the first quarter. Assenagon Asset Management S.A. now owns 874,771 shares of the company's stock worth $73,288,000 after buying an additional 694,518 shares in the last quarter. Nuveen LLC purchased a new stake in Jackson Financial during the first quarter valued at about $43,830,000. Caisse DE Depot ET Placement DU Quebec raised its position in Jackson Financial by 286.5% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 566,916 shares of the company's stock valued at $49,367,000 after purchasing an additional 420,245 shares in the last quarter. GAMMA Investing LLC raised its position in Jackson Financial by 9,833.0% during the first quarter. GAMMA Investing LLC now owns 176,608 shares of the company's stock valued at $14,796,000 after purchasing an additional 174,830 shares in the last quarter. Finally, Millennium Management LLC raised its position in Jackson Financial by 3,818.2% during the fourth quarter. Millennium Management LLC now owns 165,976 shares of the company's stock valued at $14,453,000 after purchasing an additional 161,740 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

Jackson Financial Stock Up 0.8%

Shares of NYSE:JXN opened at $98.52 on Wednesday. The stock's 50-day moving average price is $89.56 and its 200-day moving average price is $84.96. Jackson Financial Inc. has a 12-month low of $64.70 and a 12-month high of $115.22. The stock has a market capitalization of $6.86 billion, a P/E ratio of -1,641.79 and a beta of 1.46. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.46.

Jackson Financial (NYSE:JXN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $4.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.61 by $0.26. Jackson Financial had a return on equity of 14.73% and a net margin of 1.73%.The firm had revenue of ($471.00) million for the quarter, compared to analysts' expectations of $1.77 billion. During the same period last year, the firm earned $5.32 earnings per share. The company's revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities analysts anticipate that Jackson Financial Inc. will post 20.55 earnings per share for the current year.

Jackson Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Monday, September 15th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.20 annualized dividend and a dividend yield of 3.2%. Jackson Financial's dividend payout ratio (DPR) is presently -5,333.33%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on JXN. Keefe, Bruyette & Woods raised their price target on Jackson Financial from $102.00 to $105.00 and gave the company a "market perform" rating in a research report on Monday, August 11th. Morgan Stanley raised their price target on Jackson Financial from $92.00 to $97.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. Jefferies Financial Group raised their price target on Jackson Financial from $88.00 to $95.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Finally, Barclays raised their price target on Jackson Financial from $108.00 to $114.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $101.20.

About Jackson Financial

Jackson Financial Inc, through its subsidiaries, provides suite of annuities to retail investors in the United States. The company operates through three segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks. The Retail Annuities segment offers various retirement income and savings products, including variable, fixed index, fixed, and payout annuities, as well as registered index-linked annuities and lifetime income solutions.

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