Denali Advisors LLC Lowers Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Denali Advisors LLC reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 33,884 shares of the company’s stock after selling 3,365 shares during the period. Denali Advisors LLC’s holdings in Corebridge Financial were worth $987,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Commonwealth Equity Services LLC grew its holdings in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after acquiring an additional 597 shares during the period. Riverview Trust Co purchased a new stake in Corebridge Financial in the 1st quarter worth approximately $25,000. Deseret Mutual Benefit Administrators grew its stake in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in shares of Corebridge Financial by 5.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock valued at $503,000 after purchasing an additional 978 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Activity

In related news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of recent analyst reports. Jefferies Financial Group lifted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Royal Bank of Canada cut their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Morgan Stanley reduced their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Finally, UBS Group increased their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Corebridge Financial Price Performance

CRBG stock opened at $27.18 on Tuesday. Corebridge Financial, Inc. has a 1 year low of $18.44 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $16.54 billion, a PE ratio of 7.15, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The business has a 50 day simple moving average of $28.22 and a 200-day simple moving average of $28.22.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the prior year, the business earned $1.04 EPS. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.74 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.38%. Corebridge Financial’s payout ratio is 24.21%.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.