Principal Financial Group Inc. Increases Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Principal Financial Group Inc. raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 97,243 shares of the company’s stock after buying an additional 4,719 shares during the period. Principal Financial Group Inc.’s holdings in Corebridge Financial were worth $2,794,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Invesco Ltd. increased its stake in Corebridge Financial by 128.4% in the third quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock valued at $6,580,000 after purchasing an additional 187,272 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Corebridge Financial in the third quarter valued at $372,000. Mariner LLC grew its holdings in shares of Corebridge Financial by 4.3% during the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock worth $665,000 after purchasing an additional 1,388 shares during the last quarter. Seven Eight Capital LP increased its position in shares of Corebridge Financial by 50.8% during the third quarter. Seven Eight Capital LP now owns 75,850 shares of the company’s stock worth $1,498,000 after purchasing an additional 25,566 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Corebridge Financial by 960.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,417,518 shares of the company’s stock valued at $27,996,000 after purchasing an additional 1,283,901 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the transaction, the insider now owns 294,203,636 shares in the company, valued at approximately $8,590,746,171.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of several research reports. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Jefferies Financial Group raised their price objective 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 upped their target price on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $31.42.

Corebridge Financial Stock Down 2.9 %

NYSE CRBG traded down $0.85 during trading hours on Friday, reaching $28.50. 821,310 shares of the company traded hands, compared to its average volume of 4,407,734. The company has a 50 day moving average of $29.39 and a two-hundred day moving average of $26.49. The stock has a market capitalization of $17.34 billion, a PE ratio of 7.52, a PEG ratio of 0.32 and a beta of 0.97. Corebridge Financial, Inc. has a 12 month low of $17.40 and a 12 month high of $34.66. The company has a current ratio of 0.14, a quick 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 earnings per share for the quarter, beating 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 business had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same period in the previous year, the business earned $0.97 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.88 earnings per share for the current year.

Corebridge Financial Announces Dividend

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