Principal Financial Group Inc. Acquires 4,719 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Principal Financial Group Inc. increased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 5.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 97,243 shares of the company’s stock after buying an additional 4,719 shares during the quarter. Principal Financial Group Inc.’s holdings in Corebridge Financial were worth $2,794,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRBG. Salzhauer Michael bought a new position in shares of Corebridge Financial during the 1st quarter worth approximately $475,000. Crestone Asset Management LLC bought a new stake in shares of Corebridge Financial during the first quarter worth $263,000. Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new stake in Corebridge Financial in the first quarter worth about $1,264,000. IFM Investors Pty Ltd bought a new stake in shares of Corebridge Financial during the first quarter worth approximately $1,166,000. Finally, Denali Advisors LLC raised its position in shares of Corebridge Financial by 52.4% during the 1st quarter. Denali Advisors LLC now owns 37,249 shares of the company’s stock valued at $1,070,000 after acquiring an additional 12,815 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded down $0.85 during midday trading on Friday, hitting $28.50. The company’s stock had a trading volume of 821,310 shares, compared to its average volume of 4,407,734. The firm has a market capitalization of $17.34 billion, a price-to-earnings ratio of 7.52, a P/E/G ratio of 0.32 and a beta of 0.97. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The stock has a fifty day moving average price of $29.39 and a 200 day moving average price of $26.49. Corebridge Financial, Inc. has a one year low of $17.40 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The business had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. During the same quarter in the previous year, the company earned $0.97 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.88 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s payout ratio is currently 24.21%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRBG. Royal Bank of Canada restated an “outperform” rating and issued a $33.00 price objective on shares of Corebridge Financial in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday. Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Jefferies Financial Group boosted their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Wells Fargo & Company raised their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.42.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.09% of the company’s stock.

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.