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In a recent transaction, Scott Romine, President and CEO of Jackson National Life Distributors (JNLD), a subsidiary of Jackson Financial Inc. (NYSE:JXN), sold a significant amount of company stock. On August 13, Romine parted with 10,000 shares at a price of $82.52 each, totaling $825,200.
The sale was conducted under a Rule 10b5-1 Plan, which was adopted on March 19, 2024. This type of plan allows company insiders to set up a predetermined schedule for selling stocks, in order to prevent any accusations of insider trading. The plan was established by the Scott Romine & Penny Romine, TTEE Eleven D Six Trust U/A 08/25/23.
Following the sale, Romine still retains 62,591.60 shares of Jackson Financial Inc. The transactions were executed directly and the details, including the exact number of shares sold at the reported price, can be provided upon request by the company, any of its security holders, or the SEC staff.
Investors often monitor insider transactions for insights into a company's health and the confidence that executives have in the company's future prospects. Transactions under Rule 10b5-1 plans, however, are generally planned in advance and may not always provide the same level of insight as other insider transactions.
This sale represents a notable change in Romine's holdings in the company and may be of interest to current and potential investors. Jackson Financial Inc., known for its life insurance services, continues to be a significant player in the financial industry.
In other recent news, Jackson Financial Inc. reported considerable growth in its second quarter financial performance for 2024, despite a reported loss of $1 billion due to interest rate and equity hedge losses. The company's retail annuity sales experienced a robust 36% increase, with variable annuity sales reaching $2.7 billion and Registered Index-Linked Annuities (RILAs) sales hitting a record $1.4 billion. Adjusted operating earnings for the quarter stood at $410 million, marking a 45% increase from the previous year. The company's adjusted book value attributable to common shareholders rose over 10% to $11.5 billion. Jackson Financial also increased its common share repurchase authorization by $750 million and declared a third-quarter dividend of $0.70 per share. Assets under management increased by 9% to $247 billion, with a strong capital position of $4.7 billion in total adjusted capital. In terms of future expectations, Jackson Financial aims to continue its sales momentum, focusing on innovative annuity solutions and improving the digital experience for clients.
InvestingPro Insights
Amidst the news of Scott Romine's stock sale, it's worth noting that Jackson Financial Inc. (NYSE:JXN) has been performing robustly in the market. According to InvestingPro data, the company has a strikingly low P/E Ratio of 2.97, which has slightly adjusted to 2.85 over the last twelve months as of Q2 2024. This indicates that the stock may be undervalued relative to its earnings, potentially offering an attractive entry point for value investors.
The company's revenue growth has been impressive, with a staggering 692.2% increase in the last twelve months leading up to Q2 2024. Shareholders have also seen significant returns, with a 1-year price total return of 154.08% as of the date provided, which showcases the stock's strong performance over the past year.
Two InvestingPro Tips that stand out for Jackson Financial Inc. include a perfect Piotroski Score of 9, suggesting the company is financially healthy with strong profitability, liquidity, and operating efficiency. Additionally, the management's aggressive share buyback strategy is a sign of confidence in the company's valuation and future prospects. For investors looking for more comprehensive analysis, there are 12 additional InvestingPro Tips available, which can be found at https://www.investing.com/pro/JXN, providing further insights into Jackson Financial Inc.'s financial health and market performance.
With a dividend yield of 3.3% and a consistent track record of raising its dividend for 3 consecutive years, Jackson Financial Inc. may appeal to income-focused investors. The company's commitment to returning value to shareholders is evident in its high shareholder yield and the positive sentiment from analysts, with 3 having revised their earnings upwards for the upcoming period.
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