Oppenheimer Asset Management Inc. Sells 875 Shares of Jackson Financial Inc. (NYSE:JXN)

Oppenheimer Asset Management Inc. cut its holdings in Jackson Financial Inc. (NYSE:JXN) by 21.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,226 shares of the company’s stock after selling 875 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Jackson Financial were worth $294,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of JXN. Dimensional Fund Advisors LP lifted its position in shares of Jackson Financial by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,471,335 shares of the company’s stock valued at $332,035,000 after acquiring an additional 163,598 shares during the period. American Century Companies Inc. boosted its holdings in Jackson Financial by 6.5% in the second quarter. American Century Companies Inc. now owns 1,623,071 shares of the company’s stock worth $120,529,000 after acquiring an additional 98,792 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Jackson Financial by 146.3% during the second quarter. Acadian Asset Management LLC now owns 1,219,218 shares of the company’s stock valued at $90,525,000 after acquiring an additional 724,148 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Jackson Financial by 6.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,106,063 shares of the company’s stock worth $73,155,000 after purchasing an additional 66,534 shares during the period. Finally, Federated Hermes Inc. grew its position in Jackson Financial by 11.4% in the 2nd quarter. Federated Hermes Inc. now owns 978,301 shares of the company’s stock valued at $72,649,000 after purchasing an additional 99,992 shares during the period. 89.96% of the stock is currently owned by institutional investors.

Jackson Financial Stock Performance

Shares of NYSE JXN opened at $98.54 on Thursday. The stock has a market cap of $7.28 billion, a price-to-earnings ratio of -7.80 and a beta of 1.48. Jackson Financial Inc. has a 1-year low of $45.57 and a 1-year high of $115.22. The stock’s 50-day moving average is $96.95 and its 200 day moving average is $85.21. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.42.

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

Jackson Financial declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 7th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Thursday, December 5th. Jackson Financial’s payout ratio is -22.15%.

Insiders Place Their Bets

In related news, EVP Carrie Chelko sold 5,500 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $91.31, for a total value of $502,205.00. Following the completion of the sale, the executive vice president now owns 61,829 shares of the company’s stock, valued at $5,645,605.99. This trade represents a 8.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Jackson Financial Company Profile

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.