DRW Securities LLC Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

DRW Securities LLC raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 20.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 65,000 shares of the company’s stock after purchasing an additional 11,000 shares during the period. DRW Securities LLC’s holdings in Corebridge Financial were worth $1,893,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Corebridge Financial by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock worth $2,004,000 after buying an additional 2,828 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Corebridge Financial in the 4th quarter worth approximately $514,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $338,000. Corient Private Wealth LLC acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $1,599,000. Finally, Hsbc Holdings PLC grew its position in shares of Corebridge Financial by 604.1% in the fourth quarter. Hsbc Holdings PLC now owns 130,926 shares of the company’s stock valued at $2,833,000 after purchasing an additional 112,330 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRBG. Morgan Stanley lowered their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Royal Bank of Canada lowered their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, Barclays initiated coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $33.62.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.88 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a market cap of $16.96 billion, a P/E ratio of 7.34, a P/E/G ratio of 0.35 and a beta of 0.97. The firm’s 50 day moving average price is $28.04 and its 200-day moving average price is $28.28. Corebridge Financial, Inc. has a one year low of $18.83 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 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 company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the prior year, the firm earned $1.04 earnings per share. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Dividend Announcement

The company 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 $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.30%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 14,964,738 shares of company stock worth $400,732,195 over the last three months. Company insiders own 0.09% of the company’s stock.

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.