Jackson Financial (NYSE:JXN) Reaches New 1-Year High – Here’s What Happened

Jackson Financial Inc. (NYSE:JXN) reached a new 52-week high on Tuesday . The stock traded as high as $109.00 and last traded at $107.49, with a volume of 334265 shares. The stock had previously closed at $107.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Morgan Stanley set a $105.00 target price on Jackson Financial in a report on Monday, December 15th. Zacks Research upgraded Jackson Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Evercore ISI boosted their target price on shares of Jackson Financial from $100.00 to $110.00 and gave the stock an “underperform” rating in a research report on Thursday, October 9th. Barclays upped their price objective on shares of Jackson Financial from $125.00 to $128.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Jackson Financial in a report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Jackson Financial presently has a consensus rating of “Hold” and an average target price of $109.60.

Jackson Financial Stock Down 0.2%

The stock has a market cap of $7.31 billion, a P/E ratio of 14.87 and a beta of 1.45. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.47. The firm’s fifty day moving average is $98.32 and its 200 day moving average is $94.58.

Jackson Financial (NYSE:JXN) last released its quarterly earnings results on Wednesday, March 22nd. The company reported $6.26 earnings per share (EPS) for the quarter. Jackson Financial had a net margin of 1.73% and a return on equity of 15.73%. The company had revenue of ($1,162.00) million during the quarter. As a group, equities research analysts forecast that Jackson Financial Inc. will post 20.55 EPS for the current year.

Jackson Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th were given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Thursday, December 4th. Jackson Financial’s dividend payout ratio is currently 44.26%.

Jackson Financial announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 18th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 14.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Jackson Financial

Hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Jackson Financial during the 2nd quarter worth about $102,131,000. Millennium Management LLC lifted its stake in shares of Jackson Financial by 296.7% in the first quarter. Millennium Management LLC now owns 658,468 shares of the company’s stock valued at $55,166,000 after buying an additional 492,492 shares during the period. LSV Asset Management grew its position in Jackson Financial by 28.3% during the second quarter. LSV Asset Management now owns 836,238 shares of the company’s stock worth $74,250,000 after buying an additional 184,440 shares in the last quarter. Amundi increased its stake in Jackson Financial by 1,446.4% during the third quarter. Amundi now owns 193,825 shares of the company’s stock valued at $19,696,000 after acquiring an additional 181,291 shares during the period. Finally, Focus Partners Wealth bought a new position in Jackson Financial during the third quarter valued at about $15,812,000. 89.96% of the stock is owned by institutional investors.

About Jackson Financial

Jackson Financial Inc is a U.S.-based financial services holding company headquartered in Lansing, Michigan. The company operates primarily through its principal subsidiary, Jackson National Life Insurance Company, and specializes in designing and distributing retirement products. Jackson Financial has been publicly traded on the New York Stock Exchange under the ticker JXN since its initial public offering in May 2022.

The company’s core offerings include a broad range of fixed, variable and indexed annuity products aimed at helping individuals preserve and grow retirement assets.