Here’s Why Jackson Financial (JXN) Rose in Q1
Miller Value Partners, an investment management company, released its “Income Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the strategy returned 11.69% net of fees versus a 1.52% return for the benchmark, ICE BofA US High Yield Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Miller Value Income Strategy featured stocks like Jackson Financial Inc. (NYSE:JXN) in the first quarter 2024 investor letter. Headquartered in Lansing, Michigan, Jackson Financial Inc. (NYSE:JXN) is an investment holding company that operates through Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks segments. On April 15, 2024, Jackson Financial Inc. (NYSE:JXN) stock closed at $64.16 per share. One-month return of Jackson Financial Inc. (NYSE:JXN) was 3.27%, and its shares gained 72.10% of their value over the last 52 weeks. Jackson Financial Inc. (NYSE:JXN) has a market capitalization of $4.916 billion.
Miller Value Income Strategy stated the following regarding Jackson Financial Inc. (NYSE:JXN) in its first quarter 2024 investor letter:
"Jackson Financial Inc. (NYSE:JXN) reported 4Q23 adjusted operating EPS of $2.53, compared to 4Q22 EPS of $5.66, below consensus of $3.49. Registered index-linked annuity (RILA) sales rose 78.6% Y/Y to $1.0B in the quarter, while FY23 annuity sales fell -18.5% Y/Y to $12.8B. The company returned $117MM to shareholders in 4Q23, bringing FY23 shareholder capital returns to $464MM, or ~9.1% of the company’s market cap. Management raised its quarterly dividend by 12.9% to $0.70/share (~4.2% yield), and established a 2024 shareholder capital return target of $600MM (11.7% of market cap) at the midpoint."
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Jackson Financial Inc. (NYSE:JXN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Jackson Financial Inc. (NYSE:JXN) was held by 26 hedge fund portfolios, compared to 19 in the previous quarter, according to our database.
We previously discussed Jackson Financial Inc. (NYSE:JXN) in another article, where we shared Miller Value Income Strategy's perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
