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Aegon (AEG) Unveils New Share Buyback Worth EUR 35 Million
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Aegon Ltd. (AEG - Free Report) recently announced that it intends to buy back shares worth EUR 35 million aimed at fulfilling some obligations connected to the senior management. The company is expected to retain the repurchased shares as treasury shares and then distribute them to share-based compensation plan participants.
It is expected to start the buybacks from Apr 9 and conclude by the June quarter-end. The transaction is expected to be combined with Aegon’s ongoing EUR 1.5 billion share repurchase program, which also has a Jun 30, 2024 planned completion date. As of Apr 5, 2024, 85% of the share repurchase program was completed, up from 54% completion recorded on 2023-end.
The diversified international insurance company takes shareholder-value boosting measures from time to time. It returned capital to shareholders of around EUR 1.1 billion last year, consisting interim dividend of EUR 263 million and repurchases of EUR 829 million. It paid dividends of 30 eurocents per share in 2023, up 30% year over year. AEG plans to boost the figure to 40 eurocents per share by 2025.
AEG’s cash-generating ability helps it to take such moves. The commercial momentum in U.S. Strategic Assets, U.K. Workplace and Brazil will likely support its growth. However, in 2024 the company expects to face some hiccups from higher new business strain, which can partly offset the positives of portfolio growth.
It expects to generate operating capital before holding funding and operating expenses of EUR 1.1 billion in 2024, down from around EUR 1.3 billion in 2023. It expects free cash flow for 2024 to be more than EUR 700 million compared with EUR 715 recorded in 2023.
Price Performance
Aegon shares have jumped 42.8% in the past year compared with the 22.9% rise of the industry it belongs to.
The Zacks Consensus Estimate for Ryan Specialty’s 2024 full-year earnings indicates a 28.3% year-over-year increase. It beat earnings estimates in two of the past four quarters and met twice, with an average surprise of 5.1%. Also, the consensus mark for RYAN’s 2024 full-year revenues suggests 19.5% year-over-year growth.
The consensus mark for Root’s 2024 full-year earnings indicates a 23.1% year-over-year improvement. The earnings estimate has witnessed three upward estimate revisions in the past two months against no movement in the opposite direction. Furthermore, the consensus estimate for ROOT’s 2024 full-year revenues suggests 101.8% year-over-year growth.
The Zacks Consensus Estimate for Brown & Brown’s 2024 full-year earnings is pegged at $3.55 per share, which indicates 26.3% year-over-year growth. The estimate jumped by 14 cents over the past month. BRO beat earnings estimates in each of the past four quarters, with an average surprise of 11.2%.
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Aegon (AEG) Unveils New Share Buyback Worth EUR 35 Million
Aegon Ltd. (AEG - Free Report) recently announced that it intends to buy back shares worth EUR 35 million aimed at fulfilling some obligations connected to the senior management. The company is expected to retain the repurchased shares as treasury shares and then distribute them to share-based compensation plan participants.
It is expected to start the buybacks from Apr 9 and conclude by the June quarter-end. The transaction is expected to be combined with Aegon’s ongoing EUR 1.5 billion share repurchase program, which also has a Jun 30, 2024 planned completion date. As of Apr 5, 2024, 85% of the share repurchase program was completed, up from 54% completion recorded on 2023-end.
The diversified international insurance company takes shareholder-value boosting measures from time to time. It returned capital to shareholders of around EUR 1.1 billion last year, consisting interim dividend of EUR 263 million and repurchases of EUR 829 million. It paid dividends of 30 eurocents per share in 2023, up 30% year over year. AEG plans to boost the figure to 40 eurocents per share by 2025.
AEG’s cash-generating ability helps it to take such moves. The commercial momentum in U.S. Strategic Assets, U.K. Workplace and Brazil will likely support its growth. However, in 2024 the company expects to face some hiccups from higher new business strain, which can partly offset the positives of portfolio growth.
It expects to generate operating capital before holding funding and operating expenses of EUR 1.1 billion in 2024, down from around EUR 1.3 billion in 2023. It expects free cash flow for 2024 to be more than EUR 700 million compared with EUR 715 recorded in 2023.
Price Performance
Aegon shares have jumped 42.8% in the past year compared with the 22.9% rise of the industry it belongs to.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Aegon currently has a Zacks Rank #3 (Hold). Investors interested in the broader Finance space can look at some better-ranked stocks like Ryan Specialty Holdings, Inc. (RYAN - Free Report) , Root, Inc. (ROOT - Free Report) and Brown & Brown, Inc. (BRO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Ryan Specialty’s 2024 full-year earnings indicates a 28.3% year-over-year increase. It beat earnings estimates in two of the past four quarters and met twice, with an average surprise of 5.1%. Also, the consensus mark for RYAN’s 2024 full-year revenues suggests 19.5% year-over-year growth.
The consensus mark for Root’s 2024 full-year earnings indicates a 23.1% year-over-year improvement. The earnings estimate has witnessed three upward estimate revisions in the past two months against no movement in the opposite direction. Furthermore, the consensus estimate for ROOT’s 2024 full-year revenues suggests 101.8% year-over-year growth.
The Zacks Consensus Estimate for Brown & Brown’s 2024 full-year earnings is pegged at $3.55 per share, which indicates 26.3% year-over-year growth. The estimate jumped by 14 cents over the past month. BRO beat earnings estimates in each of the past four quarters, with an average surprise of 11.2%.