F&G Annuities & Life (NYSE:FG) to Repurchase $100.00 million in Shares

F&G Annuities & Life (NYSE:FG) announced that its board has authorized a share buyback program on Monday, March 16th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

F&G Annuities & Life Trading Up 0.2%

FG stock traded up $0.04 during midday trading on Wednesday, hitting $23.70. 689,218 shares of the company’s stock were exchanged, compared to its average volume of 689,417. The stock’s fifty day moving average price is $26.16 and its 200-day moving average price is $29.80. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.26 and a current ratio of 0.26. The company has a market cap of $3.21 billion, a PE ratio of 12.95 and a beta of 1.59. F&G Annuities & Life has a one year low of $20.57 and a one year high of $42.84.

F&G Annuities & Life (NYSE:FG) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.43). The business had revenue of $739.00 million during the quarter, compared to the consensus estimate of $1.55 billion. F&G Annuities & Life had a return on equity of 10.48% and a net margin of 4.62%. Research analysts predict that F&G Annuities & Life will post 5.54 earnings per share for the current fiscal year.

F&G Annuities & Life Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, March 17th. F&G Annuities & Life’s dividend payout ratio is presently 54.64%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FG shares. Zacks Research lowered shares of F&G Annuities & Life from a “hold” rating to a “strong sell” rating in a report on Monday, February 23rd. Wall Street Zen cut F&G Annuities & Life from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Barclays set a $31.00 target price on F&G Annuities & Life in a research note on Thursday, January 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of F&G Annuities & Life in a research report on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, F&G Annuities & Life has an average rating of “Reduce” and a consensus target price of $32.00.

Insider Activity at F&G Annuities & Life

In other news, CEO Christopher O. Blunt bought 10,000 shares of the stock in a transaction on Friday, March 13th. The stock was purchased at an average price of $20.99 per share, for a total transaction of $209,900.00. Following the acquisition, the chief executive officer owned 1,107,128 shares in the company, valued at approximately $23,238,616.72. This trade represents a 0.91% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Celina J. Wang Doka purchased 4,760 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was purchased at an average price of $20.98 per share, for a total transaction of $99,864.80. Following the completion of the acquisition, the director owned 32,071 shares of the company’s stock, valued at approximately $672,849.58. This represents a 17.43% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 19,760 shares of company stock worth $457,565 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.

F&G Annuities & Life Company Profile

F&G Annuities & Life is the principal life insurance and annuity subsidiary of F&G Financial Group, Inc (NYSE: FG), a publicly traded financial services holding company headquartered in Des Moines, Iowa. The company focuses on designing and issuing retirement income solutions that address longevity risk, capital preservation, and wealth transfer for individual and institutional clients.

Its product suite includes fixed indexed annuities, which offer the potential for market-linked growth with downside protection; fixed-rate annuities, delivering guaranteed interest over a defined term; and a range of life insurance policies such as term, universal, and variable universal life.