FGL (NYSE:FG) Trading Up 5.6% on Insider Buying Activity

FGL Holdings (NYSE:FG) was up 5.6% during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $7.42 and last traded at $7.38, approximately 762,181 shares changed hands during mid-day trading. A decline of 8% from the average daily volume of 831,425 shares. The stock had previously closed at $6.99.

Specifically, major shareholder Blackstone Group Inc bought 197,474 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $7.25 per share, for a total transaction of $1,431,686.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher O. Blunt bought 110,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $7.34 per share, with a total value of $807,400.00. The disclosure for this purchase can be found here. 15.10% of the stock is owned by insiders.

A number of equities analysts have commented on the company. Citigroup set a $10.00 target price on FGL and gave the company a “hold” rating in a research note on Thursday, May 23rd. Zacks Investment Research downgraded FGL from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Finally, ValuEngine downgraded FGL from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $9.88.

The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $7.98 and a 200-day moving average price of $8.20. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 6.20 and a beta of 1.02.

FGL (NYSE:FG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.02). The business had revenue of $495.00 million for the quarter, compared to analyst estimates of $374.03 million. FGL had a return on equity of 17.88% and a net margin of 20.16%. The business’s quarterly revenue was up 45.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. As a group, analysts forecast that FGL Holdings will post 1.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 26th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.04 annualized dividend and a dividend yield of 0.54%. FGL’s dividend payout ratio is presently 3.36%.

Several hedge funds and other institutional investors have recently modified their holdings of FG. MFN Partners Management LP boosted its position in shares of FGL by 722.7% during the first quarter. MFN Partners Management LP now owns 3,000,000 shares of the company’s stock worth $23,610,000 after buying an additional 2,635,338 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of FGL during the second quarter worth approximately $17,712,000. Citadel Advisors LLC boosted its position in shares of FGL by 3,076.9% during the second quarter. Citadel Advisors LLC now owns 1,673,140 shares of the company’s stock worth $14,054,000 after buying an additional 1,620,475 shares during the period. Prudential Financial Inc. boosted its position in shares of FGL by 133.2% during the second quarter. Prudential Financial Inc. now owns 1,789,963 shares of the company’s stock worth $15,035,000 after buying an additional 1,022,554 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of FGL by 253.4% during the fourth quarter. Bank of America Corp DE now owns 981,271 shares of the company’s stock worth $6,536,000 after buying an additional 703,615 shares during the period. Institutional investors and hedge funds own 69.18% of the company’s stock.

FGL Company Profile (NYSE:FG)

FGL Holdings 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 reinsurance on asset intensive, long duration life, and annuity liabilities, such as fixed, deferred and payout annuities, long-term care, group long-term disability, and cash value life insurance.

Further Reading: Quantitative Easing

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