When a company such as PNX conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.

Looking at the PNX split history from start to finish, an original position size of 1000 shares would have turned into 50 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into PNX shares, starting with a $10,000 purchase of PNX, presented on a split-history-adjusted basis factoring in the complete PNX split history.
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About PNX

Phoenix Companies is a holding company. Through its subsidiaries, Co. provides life insurance and annuity products through independent agents and financial advisors. Most of Co.'s life insurance in force is permanent life insurance (whole life, universal life and variable universal life) insuring one or more lives. Co.'s annuity products include fixed and variable annuities with a range of death benefit and guaranteed living benefit options. Co. operates two segments: Life and Annuity, which includes individual life insurance and annuity products; as well as Saybrus Partners, Inc., which provides life insurance and other consulting services to financial advisors in partner companies. According to our PNX split history records, PNX has had 1 split.

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