Assetmark Inc. Has $7.89 Million Position in Jackson Financial Inc. $JXN

Assetmark Inc. cut its holdings in Jackson Financial Inc. (NYSE:JXN) by 1.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 88,886 shares of the company’s stock after selling 1,274 shares during the quarter. Assetmark Inc.’s holdings in Jackson Financial were worth $7,892,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Hantz Financial Services Inc. increased its stake in shares of Jackson Financial by 62.7% in the second quarter. Hantz Financial Services Inc. now owns 558 shares of the company’s stock valued at $50,000 after buying an additional 215 shares in the last quarter. Evergreen Wealth Management LLC acquired a new stake in shares of Jackson Financial in the second quarter valued at $737,000. Teacher Retirement System of Texas increased its stake in shares of Jackson Financial by 188.6% in the second quarter. Teacher Retirement System of Texas now owns 184,485 shares of the company’s stock valued at $16,380,000 after buying an additional 120,561 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Jackson Financial in the second quarter valued at $3,100,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Jackson Financial by 10.7% in the second quarter. Envestnet Asset Management Inc. now owns 21,083 shares of the company’s stock valued at $1,872,000 after buying an additional 2,034 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Jackson Financial Price Performance

Jackson Financial stock opened at $101.01 on Monday. The business’s 50-day simple moving average is $98.78 and its 200 day simple moving average is $90.16. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of -1,683.27 and a beta of 1.45. Jackson Financial Inc. has a 12-month low of $64.70 and a 12-month high of $115.22. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.46.

Jackson Financial (NYSE:JXN) last posted its quarterly earnings results on Wednesday, March 22nd. The company reported $6.26 earnings per share (EPS) for the quarter. Jackson Financial had a return on equity of 14.73% and a net margin of 1.73%.The business had revenue of ($1,162.00) million for the quarter. As a group, research analysts anticipate that Jackson Financial Inc. will post 20.55 earnings per share for the current year.

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

Jackson Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Monday, September 15th were issued a dividend of $0.80 per share. The ex-dividend date was Monday, September 15th. This represents a $3.20 dividend on an annualized basis and a yield of 3.2%. Jackson Financial’s dividend payout ratio (DPR) is -5,333.33%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on JXN. Barclays raised their target price on Jackson Financial from $118.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods raised their target price on Jackson Financial from $105.00 to $110.00 and gave the company a “market perform” rating in a research note on Thursday, October 9th. Evercore ISI raised their price target on Jackson Financial from $100.00 to $110.00 and gave the company an “underperform” rating in a report on Thursday, October 9th. Morgan Stanley raised their price target on Jackson Financial from $97.00 to $106.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Finally, Zacks Research upgraded Jackson Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $109.20.

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.