Denali Advisors LLC Cuts Position in Corebridge Financial, Inc. (NYSE:CRBG)

Denali Advisors LLC reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Capital Research Global Investors boosted its holdings in Corebridge Financial by 9.9% during the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock valued at $972,257,000 after acquiring an additional 3,059,354 shares during the period. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 6.0% in the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after purchasing an additional 1,415,265 shares during the period. Norges Bank acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $225,561,000. Massachusetts Financial Services Co. MA increased its stake in Corebridge Financial by 2.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock worth $296,997,000 after buying an additional 227,973 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in Corebridge Financial by 106.3% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after buying an additional 5,157,570 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.09% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $27.18 on Tuesday. Corebridge Financial, Inc. has a 52 week low of $18.44 and a 52 week high of $34.66. The company has a 50-day moving average price of $28.22 and a 200 day moving average price of $28.22. The company has a market cap of $16.54 billion, a P/E ratio of 7.15, a PEG ratio of 0.35 and a beta of 0.97. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

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, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the business posted $1.04 EPS. Research analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

Analysts Set New Price Targets

CRBG has been the subject of several research reports. UBS Group boosted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Barclays initiated coverage on Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price objective for the company. Jefferies Financial Group boosted their price objective 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, Morgan Stanley reduced their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Company 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.