Jackson Financial (NYSE:JXN) Stock Price Down 7.9% – Here’s Why

Jackson Financial Inc. (NYSE:JXN)’s share price was down 7.9% during trading on Thursday . The stock traded as low as $99.67 and last traded at $99.67. Approximately 249,203 shares changed hands during trading, a decline of 66% from the average daily volume of 733,328 shares. The stock had previously closed at $108.20.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on JXN. Keefe, Bruyette & Woods increased their price objective on Jackson Financial from $80.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, August 14th. Morgan Stanley raised their price target on Jackson Financial from $86.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Evercore ISI cut Jackson Financial from an “in-line” rating to an “underperform” rating and boosted their price target for the company from $74.00 to $95.00 in a research note on Thursday. Jefferies Financial Group increased their price objective on Jackson Financial from $73.00 to $80.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Finally, Barclays lifted their target price on shares of Jackson Financial from $109.00 to $111.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $84.00.

Jackson Financial Price Performance

The stock has a 50 day moving average of $95.75 and a two-hundred day moving average of $84.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $7.57 billion, a P/E ratio of -7.96 and a beta of 1.48.

Jackson Financial (NYSE:JXN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $4.60 EPS for the quarter, missing the consensus estimate of $4.67 by ($0.07). The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the business posted $3.80 EPS. Sell-side analysts predict that Jackson Financial Inc. will post 18.8 earnings per share for the current fiscal year.

Jackson Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.70 dividend. The ex-dividend date is Thursday, December 5th. This represents a $2.80 annualized dividend and a yield of 2.78%. Jackson Financial’s dividend payout ratio (DPR) is presently -22.15%.

Jackson Financial announced that its board has initiated a share buyback plan on Wednesday, August 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Carrie Chelko sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $91.31, for a total transaction of $502,205.00. Following the completion of the transaction, the executive vice president now directly owns 61,829 shares in the company, valued at $5,645,605.99. The trade was a 8.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Jackson Financial

Several hedge funds and other institutional investors have recently modified their holdings of JXN. Geode Capital Management LLC boosted its holdings in Jackson Financial by 7.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,086,155 shares of the company’s stock valued at $194,187,000 after purchasing an additional 144,530 shares during the period. Vestcor Inc raised its position in shares of Jackson Financial by 14.3% during the third quarter. Vestcor Inc now owns 25,710 shares of the company’s stock valued at $2,346,000 after buying an additional 3,207 shares during the last quarter. Barclays PLC lifted its stake in shares of Jackson Financial by 251.6% in the third quarter. Barclays PLC now owns 134,001 shares of the company’s stock valued at $12,223,000 after buying an additional 95,893 shares during the period. Gordian Capital Singapore Pte Ltd grew its position in Jackson Financial by 300.0% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 16,000 shares of the company’s stock worth $1,460,000 after buying an additional 12,000 shares in the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new stake in Jackson Financial during the third quarter worth about $253,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

About Jackson Financial

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.