3 Financial Services Stocks to Bank on for a Prosperous 2024
Financial services stocks are a solid addition to any investor’s portfolio. This is because they offer reliable growth throughout the industry and substantial dividend payouts to investors.
Financial services are a much-needed resource for individuals, corporations, and institutions alike. It gives individuals and businesses the peace of mind that their financial future is heading in the right direction and allows for attention to be given to other endeavors.
Below are several financial services stocks offering investors reliable dividend distributions. They have also seen significant improvement in their overall returns over this last year.
Jackson Financial (JXN)
Jackson Financial (NYSE:JXN) is a company that provides its customer base with financial products, most notably fixed and variable annuities during retirement. The company offers investment advisory services. It also includes life insurance policies, such as term and whole life.
Over the past year, Jackson’s share price has grown dramatically within the last six months by nearly 50%. Partly due to the recent earnings beat for their Q3 results.
JXN provides investors with a strong dividend yield, which is 4.93% on an annual basis. The latest dividend payment to investors was distributed in December 2023 for sixty-two cents per share.
On November 8, Jackson reported earnings for the third quarter of 2023, in which it stated that total revenue dropped by 12%, and its earnings per share saw growth of 56% compared to the year before. Its complete annuity account value totals $218 billion, which has increased by 10% within the same period. The growth in this area is mainly due to the higher equity markets.
Jackson Financial will report fourth-quarter full-year 2023 results and the outlook for 2024 on February 21.
JXN is a robust financial services company that offers investors a reliable dividend yield and has recently seen improvement in its financial results.
Intesa Sanpaolo (ISNPY)
Intesa Sanpaolo (OTC:ISNPY) is a financial services company that operates as the largest bank in Italy. It offers a wide range of services and products, including lending, leasing, investment banking, and asset management.
On November 3, Intesa reported earnings for Q3 2023, stating that operating margins remained practically unchanged and net income dropped by 16% compared to the previous year.
Intesa has been one of many European companies that have helped invest into the Evergreen Infrastructure fund by BlackRock (NYSE:BLK), which is positioned to see growth based on continued interest in the energy transition landscape.
Over this past year, its share price has risen by 24% due to increased profitability and a beneficial interest rate environment. The company also offers a strong dividend of 8.37% on an annual basis and with a semiannual dividend payout of ninety-four cents per share, whose last distribution was back in December.
TPG (TPG)
TPG (NASDAQ:TPG) is an asset management company that provides investing, underwriting, and advisory services with over $200 billion in assets under management.
On November 7, TPG reported earnings for the third quarter of 2023, stating that its total revenue dropped by 71% compared to the previous year. Net income for Q3 2022 was $53 million; for Q3 2023, it was a net loss of approximately $95 million. TPG made a significant addition to its credit investing and real estate management business by acquiring Angelo Gordon, an investment management company, in early November.
In January, TPG announced that it would enter multiple strategic partnerships, including Compass Surgical Partners, to develop its surgical centers and The Visualize Group in hopes of expanding its private equity goals.
TPG also announced a dividend of 48 cents per share for the third quarter, which makes its dividend yield 3.44% annually.
Over the past year, TPG’s share price has risen by 24% even with lackluster earnings, but with the company’s continued efforts to expand its business model and investor interest in the company still growing, this makes it one to keep on the radar.
As of this writing, Noah Bolton did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
