F&G Annuities & Life (NYSE:FG) Board of Directors Declares Stock Repurchase Plan

F&G Annuities & Life (NYSE:FG) declared that its board has initiated a share buyback plan on Monday, March 16th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

F&G Annuities & Life Price Performance

FG stock opened at $23.70 on Thursday. The business has a 50 day moving average price of $26.16 and a 200 day moving average price of $29.80. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 12.95 and a beta of 1.59. F&G Annuities & Life has a fifty-two week low of $20.57 and a fifty-two week high of $42.84. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.45.

F&G Annuities & Life (NYSE:FG) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.43). F&G Annuities & Life had a net margin of 4.62% and a return on equity of 10.48%. The company had revenue of $739.00 million during the quarter, compared to analysts’ expectations of $1.55 billion. Equities research analysts anticipate that F&G Annuities & Life will post 5.54 earnings per share for the current fiscal year.

F&G Annuities & Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 4.2%. F&G Annuities & Life’s dividend payout ratio is presently 54.64%.

Analyst Ratings Changes

Several research analysts recently commented on FG shares. Wall Street Zen cut F&G Annuities & Life from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Barclays set a $31.00 price objective on F&G Annuities & Life in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of F&G Annuities & Life in a research note on Monday, December 29th. Finally, Zacks Research cut shares of F&G Annuities & Life from a “hold” rating to a “strong sell” rating in a report on Monday, February 23rd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $32.00.

Insiders Place Their Bets

In related news, Director Celina J. Wang Doka purchased 4,760 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average cost of $20.98 per share, for a total transaction of $99,864.80. Following the purchase, the director directly owned 32,071 shares of the company’s stock, valued at $672,849.58. The trade was a 17.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher O. Blunt purchased 10,000 shares of F&G Annuities & Life stock in a transaction that occurred on Friday, March 13th. The stock was bought at an average cost of $20.99 per share, with a total value of $209,900.00. Following the completion of the transaction, the chief executive officer owned 1,107,128 shares of the company’s stock, valued at $23,238,616.72. The trade was a 0.91% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 19,760 shares of company stock worth $457,565 over the last ninety days. Insiders own 2.10% 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.