Jackson Financial (NYSE:JXN) to Buyback $1.00 billion in Stock

Key Points

• Jackson Financial's Board of Directors has approved a $1.00 billion share buyback plan, allowing the company to repurchase up to 14.4% of its shares, signaling confidence in the stock's value.
• As of September 18th, various analysts have differing ratings on Jackson Financial, with a consensus rating of "Hold" and an average price target of $101.20.
• The company is set to pay a quarterly dividend of $0.80 on September 25th, resulting in an annual dividend yield of 3.2%.

Jackson Financial (NYSE:JXN - Get Free Report) announced that its board has initiated a share buyback plan on Thursday, September 18th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 14.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Jackson Financial from $102.00 to $105.00 and gave the company a "market perform" rating in a report on Monday, August 11th. Morgan Stanley boosted their price objective on shares of Jackson Financial from $92.00 to $97.00 and gave the company an "equal weight" rating in a report on Monday, August 18th. Barclays boosted their price objective on shares of Jackson Financial from $108.00 to $114.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Jefferies Financial Group upped their price target on shares of Jackson Financial from $88.00 to $95.00 and gave the stock a "hold" rating in a report on Monday, August 11th. Finally, Zacks Research downgraded shares of Jackson Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, September 12th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $101.20.

Jackson Financial Price Performance

JXN stock traded up $1.42 during trading on Tuesday, reaching $103.89. 28,691 shares of the company were exchanged, compared to its average volume of 753,893. The company has a 50-day moving average of $93.44 and a two-hundred day moving average of $86.05. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of -1,731.29 and a beta of 1.46. Jackson Financial has a twelve month low of $64.70 and a twelve month high of $115.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.28 and a quick ratio of 0.28.

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

Jackson Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Monday, September 15th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, September 15th. Jackson Financial's dividend payout ratio is -5,333.33%.

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.