Jackson Financial Inc. (NYSE:JXN) recently disclosed that its Executive Vice President and Chief Operating Officer, Devkumar Dilip Ganguly, sold 10,000 shares of common stock. The shares were sold on November 12, 2024, at an average price of $111.06, resulting in a total transaction value of approximately $1.11 million. Following this transaction, Ganguly retains ownership of 83,760.65 shares in the company. The shares were sold from a joint brokerage account held with his spouse.
In other recent news, Jackson Financial Inc. reported mixed results for the third quarter of 2024. Despite a net income loss, the company saw a 9% growth in assets under management, exceeding $250 billion. Retail annuity sales also reported a significant increase, soaring over $5 billion, which marks a 59% year-over-year rise and a 25% increase from the previous quarter.
The firm announced a plan to pay a common stock dividend of $0.70 per share for the fourth quarter and will continue its share repurchase program. Despite these positive developments, the company faced a net hedge result loss before DAC amortization of $295 million in Q3.
Recent developments also include record RILA sales exceeding $1.6 billion for Q3 and an increase in adjusted operating earnings and after-tax capital generation. The estimated Risk-Based Capital (RBC) ratio stands between 550% and 570%, indicating a strong capital position. Lastly, the adjusted book value per share rose to $149.29, up 10% from year-end.
InvestingPro Insights
As Jackson Financial Inc. (NYSE:JXN) experiences insider selling activity, it's worth examining the company's recent performance and financial metrics to provide context for investors.
According to InvestingPro data, Jackson Financial has shown impressive market performance, with a staggering 165.65% price total return over the past year. This strong momentum is further evidenced by the company's 48.59% return over the last six months, indicating sustained investor confidence.
Despite the recent insider sale, there are positive signals for the company. An InvestingPro Tip reveals that three analysts have revised their earnings upwards for the upcoming period, suggesting optimism about Jackson Financial's near-term prospects. Additionally, the company has demonstrated a commitment to shareholder returns, with another InvestingPro Tip highlighting that Jackson Financial has raised its dividend for four consecutive years.
It's important to note that while the company's recent performance has been strong, it faces some challenges. The current P/E ratio stands at -8.37, reflecting that the company was not profitable over the last twelve months. However, analysts predict that Jackson Financial will return to profitability this year, which could be a catalyst for further stock appreciation.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with over 10 more tips available for Jackson Financial, providing a deeper understanding of the company's financial health and market position.
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