Jackson Financial (NYSE:JXN) Posts Earnings Results, Beats Estimates By $1.06 EPS

Jackson Financial (NYSE:JXN) announced its earnings results on Tuesday. The company reported $6.16 earnings per share for the quarter, topping analysts’ consensus estimates of $5.10 by $1.06, Zacks reports. Jackson Financial had a net margin of 1.73% and a return on equity of 14.73%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the firm earned $4.60 earnings per share. Jackson Financial’s quarterly revenue was down 33.2% on a year-over-year basis.

Jackson Financial Trading Up 1.2%

JXN opened at $100.79 on Wednesday. Jackson Financial has a 1-year low of $64.70 and a 1-year high of $115.22. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.46. The company has a market cap of $7.02 billion, a P/E ratio of -1,679.59 and a beta of 1.45. The company has a fifty day moving average price of $98.87 and a two-hundred day moving average price of $90.55.

Jackson Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, December 4th. Jackson Financial’s payout ratio is -5,333.33%.

Institutional Investors Weigh In On Jackson Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its position in shares of Jackson Financial by 55.5% during the second quarter. EverSource Wealth Advisors LLC now owns 911 shares of the company’s stock worth $81,000 after acquiring an additional 325 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Jackson Financial by 81.9% during the second quarter. Geneos Wealth Management Inc. now owns 1,333 shares of the company’s stock worth $118,000 after acquiring an additional 600 shares in the last quarter. State of Wyoming bought a new stake in shares of Jackson Financial during the second quarter worth about $189,000. StoneX Group Inc. bought a new stake in shares of Jackson Financial during the second quarter worth about $212,000. Finally, Florida Financial Advisors LLC increased its position in shares of Jackson Financial by 19.4% during the second quarter. Florida Financial Advisors LLC now owns 4,283 shares of the company’s stock worth $380,000 after acquiring an additional 696 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

Jackson Financial announced that its board has authorized a stock repurchase plan on Thursday, September 18th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 14.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on JXN. Barclays reissued an “overweight” rating and set a $128.00 target price on shares of Jackson Financial in a research note on Wednesday. Jefferies Financial Group lifted their target price on shares of Jackson Financial from $88.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, August 11th. Evercore ISI lifted their target price on shares of Jackson Financial from $100.00 to $110.00 and gave the stock an “underperform” rating in a research note on Thursday, October 9th. Morgan Stanley lifted their target price on shares of Jackson Financial from $97.00 to $106.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Jackson Financial from $105.00 to $110.00 and gave the stock a “market perform” rating in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $109.80.

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.