Schwartz Investment Counsel Inc. Sells 36,900 Shares of F&G Annuities & Life, Inc. $FG

Key Points

• Schwartz Investment Counsel reduced its stake in F&G Annuities & Life by 27.7% in Q1, selling 36,900 shares and leaving it with 96,384 shares valued at about $2.44 million.
• F&G Annuities & Life’s stock rose 3.8% to $30.79, and the company now has a market cap of $4.08 billion with a low valuation at 8.08 times earnings.
• The company recently missed earnings and revenue estimates for Q1, but it also approved a $100 million share buyback and paid a quarterly dividend of $0.25 per share, equal to a 3.2% yield.

Schwartz Investment Counsel Inc. cut its position in F&G Annuities & Life, Inc. (NYSE:FG - Free Report) by 27.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,384 shares of the company's stock after selling 36,900 shares during the quarter. Schwartz Investment Counsel Inc. owned about 0.07% of F&G Annuities & Life worth $2,440,000 as of its most recent SEC filing.

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

F&G Annuities & Life Stock Up 3.8%

Shares of FG opened at $30.79 on Tuesday. F&G Annuities & Life, Inc. has a 12 month low of $20.57 and a 12 month high of $36.70. The firm's 50 day moving average is $27.88 and its 200-day moving average is $27.07. The stock has a market capitalization of $4.08 billion, a PE ratio of 8.08 and a beta of 1.23. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.47.

F&G Annuities & Life (NYSE:FG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.08). The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.46 billion. F&G Annuities & Life had a net margin of 8.89% and a return on equity of 10.73%. Equities research analysts forecast that F&G Annuities & Life, Inc. will post 3.66 EPS for the current year.

F&G Annuities & Life declared that its Board of Directors has approved a share buyback 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its shares are undervalued.

F&G Annuities & Life Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. F&G Annuities & Life's dividend payout ratio is presently 26.25%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings restated a "hold (c)" rating on shares of F&G Annuities & Life in a research note on Wednesday, June 24th. Barclays decreased their target price on F&G Annuities & Life from $31.00 to $27.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 8th. Raymond James Financial assumed coverage on F&G Annuities & Life in a research note on Wednesday, May 6th. They issued a "market perform" rating on the stock. Zacks Research raised F&G Annuities & Life to a "hold" rating in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of F&G Annuities & Life from a "buy" rating to a "hold" rating in a report on Sunday, July 5th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $30.00.

F&G Annuities & Life 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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