PNC Financial Services Group Inc. Has $926,000 Holdings in F&G Annuities & Life, Inc. $FG

PNC Financial Services Group Inc. grew its holdings in shares of F&G Annuities & Life, Inc. (NYSE:FG) by 541.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,012 shares of the company’s stock after purchasing an additional 25,334 shares during the period. PNC Financial Services Group Inc.’s holdings in F&G Annuities & Life were worth $926,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Confluence Investment Management LLC acquired a new position in shares of F&G Annuities & Life during the 4th quarter worth approximately $3,742,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of F&G Annuities & Life during the 4th quarter worth approximately $1,211,000. DAVENPORT & Co LLC acquired a new position in shares of F&G Annuities & Life during the 4th quarter worth approximately $1,923,000. UBS Group AG boosted its position in shares of F&G Annuities & Life by 485.3% during the 4th quarter. UBS Group AG now owns 239,997 shares of the company’s stock worth $7,404,000 after acquiring an additional 198,993 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of F&G Annuities & Life by 85.4% during the 4th quarter. Vanguard Group Inc. now owns 3,807,765 shares of the company’s stock worth $117,470,000 after acquiring an additional 1,753,709 shares in the last quarter. Institutional investors and hedge funds own 95.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FG shares. Wall Street Zen lowered shares of F&G Annuities & Life from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Raymond James Financial started coverage on shares of F&G Annuities & Life in a research report on Wednesday, May 6th. They set a “market perform” rating on the stock. Zacks Research upgraded shares of F&G Annuities & Life to a “hold” rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of F&G Annuities & Life in a research report on Friday, March 27th. Finally, Barclays reduced their price target on shares of F&G Annuities & Life from $31.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Four analysts have rated the stock with a Hold rating, According to MarketBeat, F&G Annuities & Life has an average rating of “Hold” and an average target price of $30.00.

Insider Activity at F&G Annuities & Life

In related news, CEO Christopher O. Blunt acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $20.99 per share, with a total value of $209,900.00. Following the purchase, the chief executive officer directly owned 1,107,128 shares in the company, valued at approximately $23,238,616.72. This trade represents a 0.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Celina J. Wang Doka acquired 4,760 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was bought at an average cost of $20.98 per share, with a total value of $99,864.80. Following the purchase, the director owned 32,071 shares in the company, valued at $672,849.58. The trade was a 17.43% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.10% of the stock is owned by corporate insiders.

F&G Annuities & Life Price Performance

Shares of NYSE:FG opened at $27.73 on Friday. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 7.28 and a beta of 1.28. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50 day simple moving average of $26.73 and a 200 day simple moving average of $28.15. F&G Annuities & Life, Inc. has a one year low of $20.57 and a one year high of $36.70.

F&G Annuities & Life (NYSE:FG) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.08). The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $1.46 billion. F&G Annuities & Life had a net margin of 8.89% and a return on equity of 10.73%. Research analysts predict that F&G Annuities & Life, Inc. will post 3.78 earnings per share for the current fiscal year.

F&G Annuities & Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.6%. F&G Annuities & Life’s dividend payout ratio is presently 26.25%.

F&G Annuities & Life declared that its Board of Directors has approved a stock buyback plan on Monday, March 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

About F&G Annuities & Life

F&G Annuities & Life is the principal life insurance and annuity subsidiary of F&G Financial Group, Inc (NYSE: FG), a publicly traded financial services holding company headquartered in Des Moines, Iowa. The company focuses on designing and issuing retirement income solutions that address longevity risk, capital preservation, and wealth transfer for individual and institutional clients.

Its product suite includes fixed indexed annuities, which offer the potential for market-linked growth with downside protection; fixed-rate annuities, delivering guaranteed interest over a defined term; and a range of life insurance policies such as term, universal, and variable universal life.