Blackstone Group Inc Buys 329,889 Shares of FGL Holdings (NYSE:FG) Stock

FGL Holdings (NYSE:FG) major shareholder Blackstone Group Inc bought 329,889 shares of FGL stock in a transaction dated Thursday, August 22nd. The stock was purchased at an average cost of $7.77 per share, with a total value of $2,563,237.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Blackstone Group Inc also recently made the following trade(s):

  • On Monday, August 19th, Blackstone Group Inc bought 242,614 shares of FGL stock. The stock was purchased at an average cost of $7.59 per share, with a total value of $1,841,440.26.
  • On Wednesday, August 14th, Blackstone Group Inc bought 197,474 shares of FGL stock. The stock was purchased at an average cost of $7.25 per share, with a total value of $1,431,686.50.

FG traded up $0.24 on Thursday, hitting $8.03. 833,482 shares of the company traded hands, compared to its average volume of 828,973. The company has a 50 day moving average of $7.90 and a 200-day moving average of $8.19. 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 stock has a market capitalization of $1.73 billion, a PE ratio of 6.75 and a beta of 1.02. FGL Holdings has a 12-month low of $5.93 and a 12-month high of $9.27.

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

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Monday, August 26th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Friday, August 23rd. FGL’s dividend payout ratio is presently 3.36%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in FGL by 723.5% during the 2nd quarter. Royal Bank of Canada now owns 4,826 shares of the company’s stock valued at $40,000 after buying an additional 4,240 shares during the last quarter. United Services Automobile Association lifted its stake in shares of FGL by 92.5% during the 2nd quarter. United Services Automobile Association now owns 364,000 shares of the company’s stock worth $3,058,000 after purchasing an additional 174,900 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of FGL during the 2nd quarter worth $17,712,000. UBS Asset Management Americas Inc. lifted its stake in shares of FGL by 53.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 154,440 shares of the company’s stock worth $1,297,000 after purchasing an additional 53,881 shares during the period. Finally, Citadel Advisors LLC lifted its stake in shares of FGL by 3,076.9% during the 2nd quarter. Citadel Advisors LLC now owns 1,673,140 shares of the company’s stock worth $14,054,000 after purchasing an additional 1,620,475 shares during the period. 69.62% of the stock is owned by hedge funds and other institutional investors.

Several analysts have commented on the company. Citigroup set a $10.00 price objective on FGL and gave the company a “hold” rating in a research note on Thursday, May 23rd. ValuEngine downgraded FGL from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research downgraded FGL from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th.

About FGL

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.

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