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

Denali Advisors LLC grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 52.4% in the first quarter, HoldingsChannel reports. The fund owned 37,249 shares of the company’s stock after buying an additional 12,815 shares during the quarter. Denali Advisors LLC’s holdings in Corebridge Financial were worth $1,070,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CRBG. Riverview Trust Co acquired a new stake in Corebridge Financial during the 1st quarter worth approximately $25,000. Mariner LLC grew its position in Corebridge Financial by 4.3% in the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after acquiring an additional 1,388 shares in the last quarter. Vestor Capital LLC acquired a new stake in Corebridge Financial in the fourth quarter valued at approximately $43,000. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Corebridge Financial by 12.8% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,819 shares of the company’s stock valued at $538,000 after buying an additional 2,817 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Corebridge Financial by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock valued at $2,004,000 after buying an additional 2,828 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRBG. Jefferies Financial Group increased their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Morgan Stanley increased their target price on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $33.00 target price on shares of Corebridge Financial in a research note on Friday, June 28th. Evercore ISI increased their target price on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company raised their price objective on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $31.42.

Corebridge Financial Stock Performance

CRBG stock traded down $0.24 during mid-day trading on Wednesday, reaching $29.35. The company had a trading volume of 1,770,939 shares, compared to its average volume of 4,435,974. The stock has a market capitalization of $17.86 billion, a P/E ratio of 7.79, a P/E/G ratio of 0.32 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 0.94. Corebridge Financial, Inc. has a one year low of $17.40 and a one year high of $34.66. The stock’s 50-day simple moving average is $29.29 and its two-hundred day simple moving average is $26.45.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The firm had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 4.9 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.23 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.13%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insider Activity at Corebridge Financial

In related 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 shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.09% of the company’s stock.

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.