F&G Annuities & Life (NYSE:FG) Announces Quarterly Earnings Results, Misses Expectations By $0.13 EPS

F&G Annuities & Life (NYSE:FG) posted its quarterly earnings results on Wednesday. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.13), FiscalAI reports. F&G Annuities & Life had a return on equity of 10.19% and a net margin of 6.89%.The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion.

F&G Annuities & Life Trading Down 4.5%

Shares of F&G Annuities & Life stock traded down $1.31 during midday trading on Friday, reaching $27.87. 155,135 shares of the company’s stock traded hands, compared to its average volume of 747,935. The stock has a 50 day moving average of $28.58 and a 200-day moving average of $27.11. F&G Annuities & Life has a 12 month low of $20.57 and a 12 month high of $35.86. The company has a market cap of $3.69 billion, a PE ratio of 9.51 and a beta of 1.20. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.29 and a current ratio of 0.29.

F&G Annuities & Life Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, September 16th. F&G Annuities & Life’s dividend payout ratio is currently 26.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC lifted its position in shares of F&G Annuities & Life by 40.3% in the 4th quarter. Corient Private Wealth LLC now owns 9,028 shares of the company’s stock worth $279,000 after purchasing an additional 2,593 shares during the period. Invesco Ltd. increased its position in shares of F&G Annuities & Life by 53.4% during the fourth quarter. Invesco Ltd. now owns 62,804 shares of the company’s stock valued at $1,938,000 after buying an additional 21,866 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of F&G Annuities & Life during the fourth quarter valued at about $321,000. JCP Investment Management LLC bought a new position in F&G Annuities & Life in the fourth quarter worth about $632,000. Finally, State of Tennessee Department of Treasury bought a new position in F&G Annuities & Life in the fourth quarter worth about $179,000. 95.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FG. Zacks Research upgraded shares of F&G Annuities & Life to a “hold” rating in a report on Thursday, May 7th. Wall Street Zen lowered shares of F&G Annuities & Life from a “buy” rating to a “hold” rating in a report on Sunday, July 5th. Weiss Ratings reissued a “hold (c)” rating on shares of F&G Annuities & Life in a research report on Wednesday, June 24th. Finally, Raymond James Financial began coverage on shares of F&G Annuities & Life in a report on Wednesday, May 6th. They issued a “market perform” rating on the stock. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $30.00.

About F&G Annuities & Life

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.