F&G Annuities & Life (NYSE:FG) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of F&G Annuities & Life (NYSE:FG) from a hold rating to a strong sell rating in a report released on Thursday,Zacks reports.

Other analysts have also issued reports about the stock. Raymond James Financial initiated coverage on shares of F&G Annuities & Life in a research report on Wednesday, May 6th. They set a “market perform” rating for the company. Weiss Ratings lowered F&G Annuities & Life from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut F&G Annuities & Life from a “buy” rating to a “hold” rating in a report on Sunday, July 5th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $30.00.

F&G Annuities & Life Trading Up 0.5%

Shares of FG opened at $25.00 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.30 and a quick ratio of 0.30. F&G Annuities & Life has a 1-year low of $20.57 and a 1-year high of $35.60. The company has a market capitalization of $3.27 billion, a P/E ratio of 8.53 and a beta of 1.17. The firm’s 50 day simple moving average is $27.47 and its 200 day simple moving average is $26.61.

F&G Annuities & Life (NYSE:FG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.13). The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion. F&G Annuities & Life had a return on equity of 10.28% and a net margin of 6.89%. Sell-side analysts forecast that F&G Annuities & Life will post 3.17 earnings per share for the current fiscal year.

F&G Annuities & Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, September 16th. F&G Annuities & Life’s payout ratio is presently 34.13%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in F&G Annuities & Life by 85.4% in the fourth quarter. Vanguard Group Inc. now owns 3,807,765 shares of the company’s stock worth $117,470,000 after purchasing an additional 1,753,709 shares during the period. California State Teachers Retirement System raised its holdings in F&G Annuities & Life by 2,554.2% in the second quarter. California State Teachers Retirement System now owns 1,134,037 shares of the company’s stock worth $30,154,000 after purchasing an additional 1,091,311 shares in the last quarter. Ameriprise Financial Inc. lifted its position in F&G Annuities & Life by 870.1% during the third quarter. Ameriprise Financial Inc. now owns 642,313 shares of the company’s stock valued at $20,085,000 after buying an additional 576,102 shares during the period. Norges Bank purchased a new position in F&G Annuities & Life during the fourth quarter valued at $14,568,000. Finally, State Street Corp boosted its holdings in shares of F&G Annuities & Life by 93.6% during the 4th quarter. State Street Corp now owns 847,443 shares of the company’s stock valued at $26,144,000 after buying an additional 409,743 shares in the last quarter. Hedge funds and other institutional investors own 95.86% of the company’s stock.

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.