Summit Global Investments Raises Stock Holdings in Jackson Financial Inc. (NYSE:JXN)

Summit Global Investments grew its stake in Jackson Financial Inc. (NYSE:JXN) by 52.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,960 shares of the company’s stock after acquiring an additional 4,123 shares during the quarter. Summit Global Investments’ holdings in Jackson Financial were worth $1,041,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp lifted its position in shares of Jackson Financial by 4.9% in the third quarter. State Street Corp now owns 3,266,981 shares of the company’s stock valued at $298,047,000 after acquiring an additional 153,326 shares in the last quarter. Geode Capital Management LLC lifted its position in Jackson Financial by 7.4% during the third quarter. Geode Capital Management LLC now owns 2,086,155 shares of the company’s stock worth $194,187,000 after buying an additional 144,530 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Jackson Financial by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,079,240 shares of the company’s stock worth $93,980,000 after buying an additional 28,337 shares during the period. Victory Capital Management Inc. lifted its position in Jackson Financial by 196.4% during the fourth quarter. Victory Capital Management Inc. now owns 447,245 shares of the company’s stock worth $38,946,000 after buying an additional 296,367 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Jackson Financial by 2.7% during the fourth quarter. Principal Financial Group Inc. now owns 417,984 shares of the company’s stock worth $36,398,000 after acquiring an additional 10,880 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on JXN shares. Keefe, Bruyette & Woods upped their price target on Jackson Financial from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Friday, February 28th. Barclays upped their price target on Jackson Financial from $116.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.40.

Insider Activity

In related news, CEO Scott Romine sold 7,000 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $84.43, for a total value of $591,010.00. Following the completion of the transaction, the chief executive officer now owns 85,276 shares of the company’s stock, valued at approximately $7,199,852.68. This represents a 7.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Jackson Financial Price Performance

JXN stock opened at $85.31 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.30 and a current ratio of 0.30. Jackson Financial Inc. has a 1 year low of $62.81 and a 1 year high of $115.22. The firm has a market cap of $6.20 billion, a P/E ratio of 7.45 and a beta of 1.48. The stock has a 50-day simple moving average of $89.38 and a 200-day simple moving average of $92.67.

Jackson Financial (NYSE:JXN) last posted its earnings results on Wednesday, February 19th. The company reported $4.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.72 by ($0.07). The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.81 billion. On average, equities analysts predict that Jackson Financial Inc. will post 20.55 earnings per share for the current fiscal year.

Jackson Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 11th were paid a $0.80 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.75%. This is a positive change from Jackson Financial’s previous quarterly dividend of $0.70. Jackson Financial’s dividend payout ratio (DPR) is 27.95%.

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.