Hancock Whitney Corp Sells 1,298 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Hancock Whitney Corp lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,260 shares of the company’s stock after selling 1,298 shares during the quarter. Hancock Whitney Corp’s holdings in Corebridge Financial were worth $2,395,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRBG. Symmetry Investments LP purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $1,456,000. Sei Investments Co. increased its position in Corebridge Financial by 5.9% during the 2nd quarter. Sei Investments Co. now owns 444,325 shares of the company’s stock valued at $12,939,000 after buying an additional 24,784 shares in the last quarter. AE Wealth Management LLC raised its stake in Corebridge Financial by 65.6% in the second quarter. AE Wealth Management LLC now owns 42,297 shares of the company’s stock valued at $1,232,000 after buying an additional 16,751 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of Corebridge Financial by 1,602.4% during the second quarter. Intech Investment Management LLC now owns 131,273 shares of the company’s stock worth $3,823,000 after acquiring an additional 123,562 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Bank of America decreased their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Barclays began coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective for the company. Morgan Stanley cut their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, Jefferies Financial Group lifted their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.62.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the transaction, the insider now owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is owned by company insiders.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.88 on Friday. Corebridge Financial, Inc. has a 52-week low of $18.83 and a 52-week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a market cap of $16.96 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The business has a 50-day simple moving average of $28.04 and a 200-day simple moving average of $28.28.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the previous year, the company posted $1.04 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

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.