FGL (FG) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of FGL (NYSE:FG) from a sell rating to a hold rating in a research note released on Friday.

According to Zacks, “FGL Holdings operates as a holding company. It offers fixed annuities and life insurance products, as well as provides reinsurance solutions, through its subsidiaries. FGL Holdings is based in Hamilton, Bermuda. “

Several other brokerages also recently issued reports on FG. ValuEngine raised shares of FGL from a sell rating to a hold rating in a report on Friday, August 17th. Credit Suisse Group cut their price target on shares of FGL from $11.00 to $10.00 and set a neutral rating for the company in a report on Friday, August 17th. Goldman Sachs Group began coverage on shares of FGL in a report on Tuesday, August 21st. They set a neutral rating and a $10.50 price target for the company. Finally, Royal Bank of Canada began coverage on shares of FGL in a report on Tuesday, July 17th. They set an outperform rating and a $10.00 price target for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $10.45.

FG stock traded down $0.08 during trading on Friday, hitting $7.89. 811,347 shares of the stock traded hands, compared to its average volume of 979,063. FGL has a one year low of $7.54 and a one year high of $10.74. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.20 and a quick ratio of 0.20.

FGL (NYSE:FG) last announced its quarterly earnings results on Thursday, November 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. FGL had a net margin of 6.09% and a return on equity of 10.97%. The firm had revenue of $444.00 million during the quarter, compared to the consensus estimate of $349.58 million. During the same period last year, the firm posted $1.11 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. On average, research analysts predict that FGL will post 1.12 EPS for the current year.

In related news, Director Richard N. Massey acquired 50,000 shares of the stock in a transaction on Wednesday, September 12th. The stock was purchased at an average price of $8.76 per share, for a total transaction of $438,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Dennis Vigneau acquired 25,000 shares of the stock in a transaction on Thursday, September 13th. The stock was bought at an average price of $8.75 per share, with a total value of $218,750.00. The disclosure for this purchase can be found here. Insiders acquired a total of 105,000 shares of company stock valued at $918,950 in the last 90 days. Corporate insiders own 21.50% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in FGL by 379.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 613,144 shares of the company’s stock valued at $5,144,000 after acquiring an additional 485,276 shares in the last quarter. Voya Investment Management LLC acquired a new stake in shares of FGL during the 2nd quarter worth approximately $397,000. Swiss National Bank acquired a new stake in shares of FGL during the 2nd quarter worth approximately $2,035,000. Federated Investors Inc. PA acquired a new stake in shares of FGL during the 2nd quarter worth approximately $6,797,000. Finally, Strs Ohio acquired a new stake in shares of FGL during the 2nd quarter worth approximately $348,000. Hedge funds and other institutional investors own 72.65% of the company’s stock.

FGL Company Profile

FGL Holdings, through its subsidiaries, sells individual life insurance products and annuities in the United States. The company offers deferred annuities, including fixed indexed annuity contracts and fixed rate annuity contracts; immediate annuities; and life insurance products. It also provides life and annuity reinsurance services, such as reinsurance on asset intensive, long duration life, and annuity liabilities.

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