Jackson Financial (NYSE:JXN) Reaches New 12-Month High – Here’s What Happened

Jackson Financial Inc. (NYSE:JXN) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $102.12 and last traded at $101.85, with a volume of 128222 shares changing hands. The stock had previously closed at $98.25.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on JXN shares. Morgan Stanley lifted their price objective on shares of Jackson Financial from $86.00 to $89.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Barclays lifted their price target on shares of Jackson Financial from $109.00 to $111.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods lifted their price target on shares of Jackson Financial from $80.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 14th. Finally, Jefferies Financial Group lifted their price target on shares of Jackson Financial from $73.00 to $80.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $80.33.

Jackson Financial Trading Up 3.2 %

The stock has a market cap of $7.73 billion, a price-to-earnings ratio of 2.68 and a beta of 1.50. The business’s fifty day simple moving average is $90.55 and its 200 day simple moving average is $80.81. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.30 and a quick ratio of 0.30.

Jackson Financial (NYSE:JXN) last released its quarterly earnings data on Wednesday, August 7th. The company reported $5.32 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $1.00. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.71 billion. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.34 EPS. On average, research analysts predict that Jackson Financial Inc. will post 18.78 EPS for the current year.

Jackson Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.76%. The ex-dividend date was Thursday, September 5th. Jackson Financial’s dividend payout ratio (DPR) is 7.40%.

Jackson Financial declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, EVP Carrie Chelko sold 5,500 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $91.31, for a total transaction of $502,205.00. Following the completion of the transaction, the executive vice president now owns 61,829 shares of the company’s stock, valued at approximately $5,645,605.99. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Jackson Financial

Several hedge funds and other institutional investors have recently modified their holdings of JXN. Petra Financial Advisors Inc. bought a new stake in shares of Jackson Financial during the third quarter valued at about $733,000. New York State Teachers Retirement System raised its stake in shares of Jackson Financial by 2.4% during the third quarter. New York State Teachers Retirement System now owns 56,350 shares of the company’s stock valued at $5,141,000 after purchasing an additional 1,338 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Jackson Financial by 7.7% during the third quarter. State of Alaska Department of Revenue now owns 42,936 shares of the company’s stock valued at $3,917,000 after purchasing an additional 3,074 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Jackson Financial by 10.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 4,047 shares of the company’s stock valued at $369,000 after purchasing an additional 396 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Jackson Financial by 6.7% during the third quarter. Louisiana State Employees Retirement System now owns 36,400 shares of the company’s stock valued at $3,321,000 after purchasing an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

Jackson Financial Company Profile

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.