FGL (FG) Upgraded to Hold at Zacks Investment Research

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

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 research firms have also weighed in on FG. ValuEngine raised FGL from a sell rating to a hold rating in a research note on Friday, August 17th. Credit Suisse Group cut their price target on FGL from $11.00 to $10.00 and set a neutral rating on the stock in a research note on Friday, August 17th. Goldman Sachs Group began coverage on FGL in a research note on Tuesday, August 21st. They set a neutral rating and a $10.50 price target on the stock. Finally, TheStreet raised FGL from an e+ rating to a c rating in a research note on Thursday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $10.45.

NYSE:FG opened at $7.93 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.17 and a current ratio of 0.17. FGL has a twelve month low of $7.54 and a twelve month high of $10.74.

FGL (NYSE:FG) last released its quarterly earnings data on Thursday, November 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The business had revenue of $444.00 million for the quarter, compared to analyst estimates of $349.58 million. FGL had a return on equity of 7.49% and a net margin of 3.74%. FGL’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $1.11 earnings per share. On average, sell-side analysts anticipate that FGL will post 1.12 earnings per share for the current fiscal year.

In other news, insider Christopher J. Littlefield purchased 30,000 shares of the business’s stock in a transaction dated Friday, September 14th. The shares were purchased at an average cost of $8.74 per share, with a total value of $262,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Massey purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were purchased 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. Insiders have bought 105,000 shares of company stock worth $918,950 over the last three months. Insiders own 21.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of FGL by 1.6% during the third quarter. Vanguard Group Inc. now owns 12,381,299 shares of the company’s stock worth $110,812,000 after acquiring an additional 200,029 shares during the last quarter. Teachers Advisors LLC raised its position in shares of FGL by 6.1% during the third quarter. Teachers Advisors LLC now owns 282,920 shares of the company’s stock worth $2,532,000 after acquiring an additional 16,333 shares during the last quarter. Pennant Investors LP bought a new position in shares of FGL during the third quarter worth about $14,723,000. AQR Capital Management LLC bought a new position in shares of FGL during the third quarter worth about $653,000. Finally, Kingstown Capital Management L.P. raised its position in shares of FGL by 17.6% during the third quarter. Kingstown Capital Management L.P. now owns 6,000,000 shares of the company’s stock worth $53,700,000 after acquiring an additional 900,000 shares during the last quarter. Institutional investors own 68.55% of the company’s stock.

About FGL

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.

Further Reading: Retained Earnings

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