Denali Advisors LLC Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Denali Advisors LLC grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 52.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,249 shares of the company’s stock after purchasing an additional 12,815 shares during the period. Denali Advisors LLC’s holdings in Corebridge Financial were worth $1,070,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Corebridge Financial in the first quarter worth $16,489,000. Allspring Global Investments Holdings LLC lifted its stake in Corebridge Financial by 5.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 305,961 shares of the company’s stock worth $8,790,000 after purchasing an additional 14,671 shares during the last quarter. Artemis Investment Management LLP lifted its stake in Corebridge Financial by 61.8% in the first quarter. Artemis Investment Management LLP now owns 1,372,819 shares of the company’s stock worth $39,420,000 after purchasing an additional 524,359 shares during the last quarter. DGS Capital Management LLC bought a new position in shares of Corebridge Financial during the first quarter valued at about $218,000. Finally, Sound Income Strategies LLC purchased a new stake in Corebridge Financial in the first quarter worth about $5,285,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the sale, the insider now owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRBG shares. Morgan Stanley upped their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $33.00 price target on shares of Corebridge Financial in a report on Friday, June 28th. Evercore ISI increased their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. increased their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.42.

Corebridge Financial Trading Down 0.8 %

NYSE:CRBG traded down $0.24 during mid-day trading on Wednesday, hitting $29.35. 1,770,939 shares of the stock traded hands, compared to its average volume of 4,435,974. The stock has a market capitalization of $17.86 billion, a price-to-earnings ratio of 7.79, a PEG ratio of 0.32 and a beta of 0.97. Corebridge Financial, Inc. has a 52 week low of $17.40 and a 52 week high of $34.66. The firm’s 50 day moving average is $29.29 and its two-hundred day moving average is $26.45. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same period in the prior year, the firm posted $0.97 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.9 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.13%. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Corebridge Financial Profile

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.