IndexIQ Advisors LLC purchased a new position in Fidelity and Guaranty Life (NYSE:FGL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 91,214 shares of the financial services provider’s stock, valued at approximately $2,832,000. IndexIQ Advisors LLC owned approximately 0.15% of Fidelity and Guaranty Life as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Coronation Fund Managers Ltd. bought a new position in shares of Fidelity and Guaranty Life during the second quarter worth approximately $22,007,000. Paulson & CO. Inc. bought a new position in shares of Fidelity and Guaranty Life during the first quarter worth approximately $11,120,000. Pennant Capital Management LLC bought a new position in shares of Fidelity and Guaranty Life during the first quarter worth approximately $10,147,000. Highbridge Capital Management LLC bought a new position in shares of Fidelity and Guaranty Life during the first quarter worth approximately $9,931,000. Finally, Renaissance Technologies LLC boosted its position in shares of Fidelity and Guaranty Life by 67.8% in the first quarter. Renaissance Technologies LLC now owns 636,657 shares of the financial services provider’s stock worth $17,699,000 after buying an additional 257,157 shares during the last quarter. Institutional investors own 23.52% of the company’s stock.

Fidelity and Guaranty Life (FGL) opened at 31.15 on Wednesday. The firm has a 50-day moving average price of $31.15 and a 200-day moving average price of $29.14. The company has a market cap of $1.82 billion, a PE ratio of 9.47 and a beta of 0.90. Fidelity and Guaranty Life has a 52-week low of $21.10 and a 52-week high of $31.30.

Fidelity and Guaranty Life (NYSE:FGL) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $0.63 EPS for the quarter, hitting analysts’ consensus estimates of $0.63. The company had revenue of $380 million for the quarter, compared to the consensus estimate of $308 million. Fidelity and Guaranty Life had a return on equity of 8.00% and a net margin of 13.61%. The firm’s revenue for the quarter was up 45.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 earnings per share. On average, analysts forecast that Fidelity and Guaranty Life will post $2.65 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 28th. Investors of record on Monday, August 14th were given a $0.065 dividend. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.83%. Fidelity and Guaranty Life’s dividend payout ratio is currently 7.90%.

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A number of research analysts recently commented on FGL shares. Sandler O’Neill cut Fidelity and Guaranty Life from a “buy” rating to a “hold” rating in a research report on Wednesday, May 24th. BidaskClub upgraded Fidelity and Guaranty Life from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 5th. Finally, ValuEngine upgraded Fidelity and Guaranty Life from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Four investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $26.60.

Fidelity and Guaranty Life Company Profile

Fidelity & Guaranty Life (FGL) is a holding company focused on obtaining controlling equity stakes in companies that operate across various industries. FGL’s primary business is the sale of individual life insurance products and annuities through independent agents, managing general agents, and specialty brokerage firms and in selected institutional markets.

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Institutional Ownership by Quarter for Fidelity and Guaranty Life (NYSE:FGL)

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