Zacks Investment Research upgraded shares of FGL (NYSE:FG) from a sell rating to a hold rating in a research report released on Monday morning.
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. “
A number of other research analysts have also weighed in on the company. TheStreet raised FGL from an e+ rating to a c rating in a report on Thursday, November 8th. ValuEngine downgraded FGL from a hold rating to a sell rating in a research note on Wednesday, September 12th. Goldman Sachs Group began coverage on FGL in a research note on Tuesday, August 21st. They issued a neutral rating and a $10.50 target price on the stock. Finally, Credit Suisse Group lowered their target price on FGL from $11.00 to $10.00 and set a neutral rating on the stock in a research note on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $10.45.
Shares of FG stock opened at $7.15 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.17 and a quick ratio of 0.17. FGL has a fifty-two week low of $7.07 and a fifty-two week high of $10.74.
FGL (NYSE:FG) last announced its quarterly earnings data on Thursday, November 8th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates 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%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.11 earnings per share. As a group, sell-side analysts predict that FGL will post 1.12 earnings per share for the current fiscal year.
In related news, insider Christopher J. Littlefield bought 30,000 shares of the stock in a transaction dated Friday, September 14th. The shares were purchased at an average price of $8.74 per share, for a total transaction of $262,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dennis Vigneau bought 25,000 shares of the stock in a transaction dated Thursday, September 13th. The stock was bought at an average price of $8.75 per share, for a total transaction of $218,750.00. The disclosure for this purchase can be found here. Insiders bought 105,000 shares of company stock worth $918,950 in the last 90 days. Company insiders own 21.50% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in FGL during the third quarter worth approximately $103,000. Fox Run Management L.L.C. purchased a new position in FGL during the third quarter worth approximately $112,000. Zeke Capital Advisors LLC purchased a new position in FGL during the third quarter worth approximately $132,000. FNY Investment Advisers LLC purchased a new position in FGL during the third quarter worth approximately $134,000. Finally, Amalgamated Bank purchased a new position in FGL during the second quarter worth approximately $161,000. Hedge funds and other institutional investors own 68.55% of the company’s stock.
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.
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