Zacks Investment Research upgraded shares of FGL (NYSE:FG) from a sell rating to a hold rating in a research note released on Monday morning.
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. “
Other research analysts also recently issued reports about the stock. TheStreet upgraded shares of FGL from an e+ rating to a c rating in a research note on Thursday, November 8th. ValuEngine upgraded shares of FGL from a sell rating to a hold rating in a research note on Friday, August 17th. Goldman Sachs Group initiated coverage on shares of FGL in a research note on Tuesday, August 21st. They set a neutral rating and a $10.50 price objective on the stock. Finally, Credit Suisse Group reduced their price objective on shares of FGL from $11.00 to $10.00 and set a neutral rating on the stock in a research note on Friday, August 17th. One investment 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 company has a consensus rating of Hold and an average price target of $10.45.
FGL (NYSE:FG) last released its quarterly earnings results on Thursday, November 8th. The company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. The business had revenue of $444.00 million during the quarter, compared to analyst estimates of $349.58 million. FGL had a net margin of 3.74% and a return on equity of 7.49%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned $1.11 EPS. On average, sell-side analysts expect that FGL will post 1.12 EPS for the current fiscal year.
In related news, CFO Dennis Vigneau bought 25,000 shares of the stock in a transaction on Thursday, September 13th. The shares were purchased at an average price of $8.75 per share, with a total value of $218,750.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard N. Massey bought 50,000 shares of the stock in a transaction on Wednesday, September 12th. The shares were bought at an average cost of $8.76 per share, for a total transaction of $438,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 105,000 shares of company stock worth $918,950. 21.50% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in FG. Vanguard Group Inc. lifted its stake in FGL by 1.6% in the third quarter. Vanguard Group Inc. now owns 12,381,299 shares of the company’s stock valued at $110,812,000 after acquiring an additional 200,029 shares during the last quarter. Teachers Advisors LLC lifted its stake in FGL by 6.1% in the third quarter. Teachers Advisors LLC now owns 282,920 shares of the company’s stock valued at $2,532,000 after acquiring an additional 16,333 shares during the last quarter. Pennant Investors LP acquired a new stake in FGL in the third quarter valued at approximately $14,723,000. AQR Capital Management LLC acquired a new stake in FGL in the third quarter valued at approximately $653,000. Finally, Kingstown Capital Management L.P. lifted its stake in FGL by 17.6% in the third quarter. Kingstown Capital Management L.P. now owns 6,000,000 shares of the company’s stock valued at $53,700,000 after acquiring an additional 900,000 shares during the last quarter. 68.55% of the stock is currently owned by hedge funds and other institutional investors.
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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