Peapack Gladstone's Investment Surge in F&G Annuities & Life
During the fourth quarter, Peapack Gladstone Financial Corp significantly increased its investment in F&G Annuities & Life, Inc. (NYSE:FG) by 88.2%, according to a disclosure with the Securities & Exchange Commission. The firm now holds 149,384 shares, an additional 70,026 shares, raising its ownership to approximately 0.11%, valued at $4.6 million. This move reflects a broader trend among institutional investors like Vanguard Group Inc., which upped its stake by 85.4% to 3,807,765 shares, valued at $117.47 million.
Similarly, Dimensional Fund Advisors LP increased its holdings by 12.6% in the third quarter, bringing its total to 840,969 shares valued at $26.3 million. Geode Capital Management LLC marked a 44.2% increase during the fourth quarter, now holding 736,885 shares worth $22.7 million. Ameriprise Financial Inc. saw an astonishing 870.1% rise in its holdings in the third quarter, totaling 642,313 shares worth $20.1 million. A new significant player, Norges Bank, joined with a $14.6 million stake in the fourth quarter. Presently, 95.86% of F&G Annuities & Life’s stock is owned by institutional investors and hedge funds.
Analyst reviews have been a mixed bag. Barclays adjusted its target price from $31.00 to $27.00, citing an "equal weight" rating. Weiss Ratings and Zacks Research both maintained a "hold" stance, while Raymond James Financial initiated coverage with a "market perform" rating. Wall Street Zen downgraded its rating from "buy" to "hold," yet the overall analyst consensus remains "Hold," with MarketBeat data reflecting an average target price of $30.00.
On the corporate transactions front, Director Celina J. Wang Doka acquired 4,760 shares on March 13th at an average price of $20.98, totaling $99,864.80. Post-transaction, her stake grew by 17.43% to 32,071 shares valued at roughly $672,849.58. CEO Christopher O. Blunt also made a purchase, adding 10,000 shares at an average price of $20.99, signaling confidence with an increase to 1,107,128 shares valued at $23.2 million. Insiders currently own 2.10% of the company's stock.
F&G Annuities & Life, Inc. opened at $27.53 mid-week, within a 52-week range of $20.57 to $36.70. The stock maintains a 50-day moving average of $26.80 and a 200-day moving average of $28.07. With a market cap of $3.65 billion, the company has a P/E ratio of 7.23 and a beta of 1.22. Its recent earnings report revealed an EPS of $0.82, missing estimates by $0.08, but exceeded revenue forecasts at $2.25 billion. Analysts project an EPS of 3.78 for the current year.
Furthermore, F&G Annuities & Life declared a quarterly dividend of $0.25 per share, to be paid on June 30th to shareholders recorded by June 16th, reflecting a dividend yield of 3.6% and an annual payment of $1.00. A share buyback plan initiated March 16th authorizes up to $100 million in stock repurchases, suggesting the board views the stock as undervalued. The company offers a robust product suite, including fixed indexed annuities, fixed-rate annuities, and various life insurance products, meeting diverse client needs in retirement and insurance solutions.