Principal Financial Group Inc. Trims Position in Corebridge Financial, Inc. (NYSE:CRBG)

Principal Financial Group Inc. reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,781 shares of the company’s stock after selling 1,162 shares during the period. Principal Financial Group Inc.’s holdings in Corebridge Financial were worth $3,016,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Covestor Ltd grew its position in shares of Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the last quarter. Blue Trust Inc. increased its stake in Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after buying an additional 729 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Corebridge Financial by 3.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after acquiring an additional 732 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Corebridge Financial by 4.2% during the 3rd quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock worth $571,000 after acquiring an additional 793 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Corebridge Financial by 31.9% in the 4th quarter. Van ECK Associates Corp now owns 3,325 shares of the company’s stock valued at $100,000 after buying an additional 805 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $32.06 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a fifty-two week low of $23.77 and a fifty-two week high of $35.36. The firm has a fifty day moving average price of $32.19 and a two-hundred day moving average price of $30.77. The company has a market cap of $17.82 billion, a PE ratio of 8.48, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is 25.40%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRBG. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler upped 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 Wednesday, December 18th. Finally, Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

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.