DAVENPORT & Co LLC Acquires New Holdings in F&G Annuities & Life, Inc. $FG

DAVENPORT & Co LLC bought a new position in shares of F&G Annuities & Life, Inc. (NYSE:FG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 62,320 shares of the company’s stock, valued at approximately $1,923,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Harbor Capital Advisors Inc. grew its position in shares of F&G Annuities & Life by 474.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 902 shares of the company’s stock valued at $28,000 after purchasing an additional 745 shares in the last quarter. GAMMA Investing LLC raised its position in shares of F&G Annuities & Life by 432.6% in the fourth quarter. GAMMA Investing LLC now owns 932 shares of the company’s stock worth $29,000 after buying an additional 757 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of F&G Annuities & Life by 83.8% in the third quarter. EverSource Wealth Advisors LLC now owns 1,211 shares of the company’s stock worth $38,000 after buying an additional 552 shares in the last quarter. Board of the Pension Protection Fund bought a new stake in F&G Annuities & Life during the fourth quarter valued at $52,000. Finally, Ameritas Investment Partners Inc. boosted its stake in F&G Annuities & Life by 18.3% during the second quarter. Ameritas Investment Partners Inc. now owns 2,174 shares of the company’s stock valued at $70,000 after buying an additional 337 shares during the period. 95.86% of the stock is currently owned by hedge funds and other institutional investors.

F&G Annuities & Life Stock Performance

NYSE:FG opened at $24.23 on Friday. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 13.24 and a beta of 1.59. The business has a 50 day moving average of $25.63 and a 200 day moving average of $29.28. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.26 and a quick ratio of 0.26. F&G Annuities & Life, Inc. has a 1-year low of $20.57 and a 1-year high of $37.19.

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

F&G Annuities & Life declared that its board has initiated a stock repurchase program on Monday, March 16th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

F&G Annuities & Life Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 4.1%. F&G Annuities & Life’s dividend payout ratio (DPR) is currently 54.64%.

Insiders Place Their Bets

In related news, Director Celina J. Wang Doka acquired 4,760 shares of F&G Annuities & Life stock in a transaction dated Friday, March 13th. The shares were purchased at an average cost of $20.98 per share, with a total value of $99,864.80. Following the completion of the purchase, the director owned 32,071 shares of the company’s stock, valued at $672,849.58. This represents a 17.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher O. Blunt acquired 10,000 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was bought at an average price of $20.99 per share, for a total transaction of $209,900.00. Following the acquisition, the chief executive officer owned 1,107,128 shares of the company’s stock, valued at approximately $23,238,616.72. This trade represents a 0.91% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 19,760 shares of company stock worth $457,565. 2.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded F&G Annuities & Life from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Barclays set a $31.00 price target on F&G Annuities & Life in a research report on Thursday, January 8th. Zacks Research cut shares of F&G Annuities & Life from a “hold” rating to a “strong sell” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of F&G Annuities & Life in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, F&G Annuities & Life presently has a consensus rating of “Reduce” and a consensus price target of $32.00.

F&G Annuities & Life Profile

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.