Core Insights - Three stocks are highlighted with a buy rank and strong value characteristics: Jackson Financial, OP Bancorp, and SB Financial Group Company Summaries - **Jackson Financial (JXN)**: A U.S. retirement services provider with a Zacks Rank 1 (Strong Buy). The Zacks Consensus Estimate for its current year earnings has increased by 1.7% over the last 60 days. The company has a price-to-earnings ratio (P/E) of 4.37, significantly lower than the industry average of 10.80, and possesses a Value Score of A [1][2]. - **OP Bancorp (OPBK)**: Provides commercial banking services to retail and institutional customers, also carrying a Zacks Rank 1. The Zacks Consensus Estimate for its current year earnings has increased by 4.7% over the last 60 days. The company has a P/E ratio of 7.11 compared to the industry average of 11.10, and it also has a Value Score of A [2][3]. - **SB Financial Group (SBFG)**: A financial service holding company offering a full range of financial services, including wealth management and lending. It holds a Zacks Rank 1, with the Zacks Consensus Estimate for its current year earnings increasing by 5.4% over the last 60 days. The company has a P/E ratio of 8.35, well below the industry average of 29.40, and possesses a Value Score of A [3][4].

Core Insights - Three stocks are highlighted with strong income characteristics and a buy rank as of November 19th Group 1: First Hawaiian (FHB) - First Hawaiian offers a range of banking services including deposit products, lending services, and wealth management [1] - The Zacks Consensus Estimate for its current year earnings has increased by 4.9% over the last 60 days [1] - The company has a dividend yield of 4.5%, surpassing the industry average of 3.1% [2] Group 2: OP Bancorp (OPBK) - OP Bancorp provides commercial banking services to both retail and institutional customers [2] - The Zacks Consensus Estimate for its current year earnings has increased by 4.7% over the last 60 days [2] - The company has a dividend yield of 3.8%, compared to the industry average of 1.2% [2] Group 3: Jackson Financial (JXN) - Jackson Financial is a U.S. retirement services provider with a diverse portfolio of differentiated products [3] - The Zacks Consensus Estimate for its current year earnings has increased by 1.7% over the last 60 days [3] - The company has a dividend yield of 3.5%, which is higher than the industry average of 1.6% [3]

Financial Data and Key Metrics Changes - Adjusted net income reached $1.4 billion, or $2.17 per share, representing a 17% year-over-year increase [3] - Fee-related earnings (FRE) were $652 million, up 23% year-over-year, with management fee growth of 22% [4] - Spread-related earnings (SRE) excluding notables were $846 million, with an estimated Q4 SRE of approximately $880 million, leading to a projected full-year SRE of $3,475 million, an 8% year-over-year growth [4][39] Business Line Data and Key Metrics Changes - Asset management generated record inflows of $82 billion, with $59 billion from asset management and $23 billion from retirement services [5] - Average origination for the quarter was $75 billion, with a stable average spread of 350 basis points over Treasuries [5][25] - The retirement services segment saw $23 billion in gross inflows, with year-to-date inflows totaling $69 billion [18][34] Market Data and Key Metrics Changes - Record assets under management (AUM) reached $908 billion, a 24% increase year-over-year [36] - The annuity market has significantly expanded, driven by a growing retiree population and demand for guaranteed income [18][34] - The origination volume for the last 12 months exceeded $270 billion, up more than 40% compared to the prior period [25] Company Strategy and Development Direction - The company is focused on capitalizing on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [6][7] - The strategy includes expanding origination capabilities and enhancing product offerings across various markets, including insurance and traditional asset management [8][30] - The company anticipates a 20%+ growth in FRE for 2026, driven by existing business momentum and new initiatives [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for private assets and the ability to navigate current market conditions [10][11] - The outlook for asset management is bright, with expectations of continued innovation and growth in various segments [16][42] - Management highlighted the importance of maintaining a strong origination pipeline to support future growth [24][41] Other Important Information - The company closed the acquisition of Bridge, which is expected to contribute approximately $300 million in annual fee-related revenues [37] - The company executed over $350 million in share repurchases during the quarter, reflecting opportunistic capital management [45] Q&A Session Summary Question: Discussion around origination targets and outlook - Management indicated that while origination activity has exceeded expectations, it would be premature to adjust the five-year origination targets at this time [48][49] Question: Wealth market trajectory and product pipeline - Management noted that the wealth market is on pace with previous targets, and the expansion of the product suite is expected to drive future growth [51][52][53] Question: Concerns regarding private letter ratings in insurance - Management refuted concerns about systemic risks related to private letter ratings, emphasizing Athene's strong credit quality and diversified ratings [58][59][63]

Core Points - Athene has declared preferred stock dividends on its non-cumulative preferred stock, payable on December 30, 2025, to holders of record as of December 15, 2025 [1] - The company operates in multiple regions including the United States, Bermuda, Canada, and Japan, with total assets exceeding $400 billion as of June 30, 2025 [3] Dividend Details - The quarterly dividend for Series A Preferred Stock is $396.875 per share, translating to $0.396875 per depositary share [4] - The quarterly dividend for Series B Preferred Stock is $351.5625 per share, translating to $0.3515625 per depositary share [4] - The quarterly dividend for Series D Preferred Stock is $304.6875 per share, translating to $0.3046875 per depositary share [4] - The quarterly dividend for Series E Preferred Stock is $484.375 per share, translating to $0.484375 per depositary share [4] Company Overview - Athene is a leading retirement services company focused on providing financial security through a range of retirement income and savings products [3] - The company also serves as a solutions provider to corporations [3]

Group 1: Global Ship Lease (GSL) - Global Ship Lease owns and charters containerships under long-term, fixed-rate charters to world-class container liner companies [1] - The company has a Zacks Rank of 1 (Strong Buy) and a Value Score of A [2] - The price-to-earnings ratio (P/E) is 2.79, significantly lower than the industry average of 6.20 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 0.4% over the last 60 days [1] Group 2: Jackson Financial (JXN) - Jackson Financial is a U.S. retirement services provider with a diverse portfolio of differentiated products [1] - The company also carries a Zacks Rank of 1 and has a Value Score of A [3] - The price-to-earnings ratio (P/E) is 4.6, compared to the industry average of 10.20 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 4.8% over the last 60 days [1] Group 3: GigaCloud Technology Inc. (GCT) - GigaCloud Technology is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise [1] - The company holds a Zacks Rank of 1 and a Value Score of A [4] - The price-to-earnings ratio (P/E) is 9, lower than the industry average of 13.10 [4] - The Zacks Consensus Estimate for its current year earnings has increased by 2.8% over the last 60 days [1]

Core Insights - Three stocks are highlighted with a buy rank and strong income characteristics as of October 14th, including Global Ship Lease, Janus Henderson Group, and Jackson Financial [1][2][3] Group 1: Global Ship Lease (GSL) - GSL owns and charters containerships under long-term, fixed-rate charters to leading container liner companies [1] - The Zacks Consensus Estimate for GSL's current year earnings has increased by 0.4% over the last 60 days [1] - GSL has a dividend yield of 7.6%, significantly higher than the industry average of 1.3% [1] Group 2: Janus Henderson Group (JHG) - JHG is an investment management company providing investment advisory services across various sectors including equities and private equity [2] - The Zacks Consensus Estimate for JHG's current year earnings has increased by 2.2% over the last 60 days [2] - JHG has a dividend yield of 3.7%, slightly above the industry average of 3% [2] Group 3: Jackson Financial (JXN) - JXN is a U.S. retirement services provider with a diverse portfolio of differentiated products [3] - The Zacks Consensus Estimate for JXN's current year earnings has increased by 4.8% over the last 60 days [3] - JXN has a dividend yield of 3.4%, compared to the industry average of 1.6% [3]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment returns Group 1: Company Performance - HudBay Minerals (HBM) has seen a 9.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - GigaCloud Technology Inc. (GCT) has experienced a 6.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Weatherford International (WFRD) has reported a 6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Maximus (MMS) has seen a 6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - Jackson Financial (JXN) has experienced a 4.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Group 1: Market Overview - The Nasdaq has reached all-time highs, marking its eighth consecutive session of gains, driven by strength in technology and the "Mag-7" companies [1] - There is a growing concentration in the S&P 500, which is perceived as a low-risk investment but is heavily weighted towards technology mega-caps [2] Group 2: Investment Opportunities - The company is focusing on investments in firms with lower expectations, resulting in price-to-earnings (P/E) multiples that are less than half of the S&P 500 average, with some holdings at single-digit P/E ratios [3] - Specific companies highlighted include Corbridge Financial, trading at approximately six times expected earnings, and Delta Airlines at about seven times expected earnings [4] Group 3: Corbridge Financial - Corbridge Financial operates in the retirement services sector and is noted for its share repurchase strategy, which could significantly enhance earnings per share over the next 5 to 7 years [6] - The competitive landscape is acknowledged, but the current valuation suggests potential for growth without requiring high earnings multiples [5] Group 4: Delta Airlines - Delta Airlines is favored due to its strong management and balance sheet compared to other major airlines, alongside robust demand for travel, which allows for increased ticket prices [9] - The current pricing environment is seen as favorable for major airlines, enabling them to restore normal margins [9] Group 5: Merck - Merck is recognized for its strong vaccine franchises and animal health business, which are expected to remain profitable [11] - The company is also exploring combinations of Keytruda with other drugs to target specific cancers, with a reasonable chance of success in its pipeline [12]

Summary of Great-West Lifeco FY Conference Call Company Overview - **Company**: Great-West Lifeco (OTCPK:GRWF.F) - **Date of Conference**: September 08, 2025 Key Industry Insights - **Industry Focus**: Retirement and wealth management sectors in the U.S. and Canada - **Market Position**: Second largest retirement provider in the U.S. after significant consolidation and strategic transactions [5][6] Core Strategic Points - **Portfolio Transformation**: The company has shifted its focus towards capital-light businesses, which now constitute about two-thirds of its operations, including retirement, wealth, and group benefits [7][8] - **Earnings Growth Target**: The earnings growth target has been raised from 8% to a range of 8% to 10%, with a return on equity (ROE) target increased from 16%-17% to 19% plus [7][76] - **Capital Generation**: The company aims to generate over 580% of capital as a percentage of earnings over the medium term, emphasizing strong capital generation capabilities [7][30] Operational Focus - **Wealth Business Expansion**: The primary focus over the next two to three years is to expand the wealth business in the U.S., with a target to increase rollover capture rates by 30% [10][11] - **Cost Efficiency**: The company has a cost advantage, able to reduce costs by 30%-40% when integrating new books onto its platform [14][15] - **Diversified Revenue Streams**: Approximately 50% of revenues are asset-based fees, with an additional 25%-30% from transactional fees, providing a diversified revenue profile [19][21] Competitive Landscape - **Market Share Gains**: The company has successfully captured $135 billion in plan flows from competitors over the last three to four years, indicating strong organic growth [26][27] - **Pricing Strategy**: While there is some price competition, the company believes it often wins on service and capability rather than price alone [29] International Operations - **Canada**: The company is a leading group benefits provider in Canada, focusing on small and medium sectors while also moving into larger markets [49][50] - **UK Market**: The company is targeting growth in bulk annuities and pension risk transfer, with a focus on small to mid-sized transactions [58][63] Future Outlook - **M&A Strategy**: The company remains open to opportunistic acquisitions, particularly in the retirement sector, while maintaining strict price discipline [31][34] - **Productivity Initiatives**: Investments are being made to improve efficiency, particularly in Canada, with a goal to reduce the efficiency ratio from 56%-57% to below 50% [69][70] - **Technological Advancements**: The company is modernizing its tech platform to enable AI integration, which is expected to drive further efficiencies [68][70] Conclusion - Great-West Lifeco is strategically positioned for growth in the retirement and wealth management sectors, with a focus on capital-light businesses, strong capital generation, and a commitment to enhancing customer experience and operational efficiency. The company is well-prepared for potential market consolidation and is actively pursuing opportunities to expand its market share.

Group 1: Jackson Financial - Jackson Financial is a U.S. retirement services provider with a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for Jackson Financial's current year earnings has increased by 5.9% over the last 60 days [1] - The company has a price-to-earnings ratio (P/E) of 4.83, significantly lower than the industry average of 10.60, and possesses a Value Score of A [2] Group 2: Smithfield Foods, Inc. - Smithfield Foods is a pork producer and food-processing company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Smithfield Foods' current year earnings has increased by 3% over the last 60 days [2] - The company has a price-to-earnings ratio (P/E) of 10.53, slightly below the industry average of 11.60, and also possesses a Value Score of A [2] Group 3: Healthcare Services Group - Healthcare Services Group provides housekeeping, laundry, linen, facility maintenance, and food services to the healthcare industry, holding a Zacks Rank 1 [3] - The Zacks Consensus Estimate for Healthcare Services Group's current year earnings has increased by 9.2% over the last 60 days [3] - The company has a price-to-earnings ratio (P/E) of 17.74, lower than the industry average of 21.30, and possesses a Value Score of A [4]