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

Jackson Financial (NYSE:JXN) declared that its Board of Directors has initiated a stock buyback program on Thursday, September 18th, RTT News reports. The company plans to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 14.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Jackson Financial Trading Up 1.1%

Shares of JXN stock opened at $100.70 on Friday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.46. The stock has a market cap of $7.01 billion, a P/E ratio of -1,678.05 and a beta of 1.46. The stock has a 50 day simple moving average of $93.15 and a 200 day simple moving average of $85.92. Jackson Financial has a 1 year low of $64.70 and a 1 year high of $115.22.

Jackson Financial (NYSE:JXN) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $4.87 EPS for the quarter, beating the consensus estimate of $4.61 by $0.26. The business had revenue of ($471.00) million during the quarter, compared to the consensus estimate of $1.77 billion. Jackson Financial had a net margin of 1.73% and a return on equity of 14.73%. The company’s revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $5.32 earnings per share. On average, research analysts predict that Jackson Financial will post 20.55 earnings per share for the current fiscal year.

Jackson Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, September 15th. Jackson Financial’s payout ratio is presently -5,333.33%.

Analyst Upgrades and Downgrades

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

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.