Wedge Capital Management L L P NC Grows Stake in Jackson Financial Inc. $JXN

Wedge Capital Management L L P NC grew its stake in shares of Jackson Financial Inc. (NYSE:JXN) by 6.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 310,357 shares of the company’s stock after acquiring an additional 18,666 shares during the period. Wedge Capital Management L L P NC owned about 0.45% of Jackson Financial worth $31,777,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of JXN. Norges Bank purchased a new position in Jackson Financial in the fourth quarter valued at approximately $129,878,000. Hsbc Holdings PLC lifted its holdings in Jackson Financial by 16.5% during the fourth quarter. Hsbc Holdings PLC now owns 1,550,942 shares of the company’s stock valued at $166,476,000 after purchasing an additional 220,095 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Jackson Financial by 31.7% in the fourth quarter. Bank of New York Mellon Corp now owns 886,106 shares of the company’s stock valued at $94,503,000 after purchasing an additional 213,131 shares in the last quarter. Amundi raised its stake in shares of Jackson Financial by 1,446.4% during the 3rd quarter. Amundi now owns 193,825 shares of the company’s stock valued at $19,696,000 after purchasing an additional 181,291 shares during the period. Finally, Focus Partners Wealth purchased a new stake in Jackson Financial during the 3rd quarter worth about $15,812,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on JXN shares. Jefferies Financial Group raised Jackson Financial from a “hold” rating to a “buy” rating and lifted their target price for the company from $120.00 to $140.00 in a report on Friday, July 10th. Evercore set a $135.00 price target on shares of Jackson Financial in a report on Wednesday, August 5th. Wall Street Zen upgraded shares of Jackson Financial from a “hold” rating to a “buy” rating in a research report on Saturday. Keefe, Bruyette & Woods boosted their price objective on shares of Jackson Financial from $130.00 to $140.00 and gave the company a “market perform” rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Jackson Financial from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $133.80.

Insiders Place Their Bets

In other Jackson Financial news, EVP Carrie Chelko sold 7,500 shares of Jackson Financial stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $134.24, for a total transaction of $1,006,800.00. Following the completion of the sale, the executive vice president owned 80,914 shares of the company’s stock, valued at $10,861,895.36. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by insiders.

Jackson Financial Stock Down 0.7%

Shares of NYSE JXN opened at $129.42 on Wednesday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average of $115.27 and a 200-day moving average of $111.88. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of 182.29 and a beta of 1.30. Jackson Financial Inc. has a 12 month low of $89.67 and a 12 month high of $137.99.

Jackson Financial (NYSE:JXN) last announced its earnings results on Monday, August 3rd. The company reported $7.30 earnings per share for the quarter, beating analysts’ consensus estimates of $5.72 by $1.58. Jackson Financial had a net margin of 1.59% and a return on equity of 18.93%. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.91 billion.

Jackson Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.90 per share. The ex-dividend date is Tuesday, September 15th. This represents a $3.60 dividend on an annualized basis and a yield of 2.8%. Jackson Financial’s dividend payout ratio (DPR) is presently 507.04%.

Jackson Financial Company Profile

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.