Principal Financial Group Inc. Decreases Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Principal Financial Group Inc. cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 15.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,943 shares of the company’s stock after selling 19,278 shares during the quarter. Principal Financial Group Inc.’s holdings in Corebridge Financial were worth $2,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its stake in shares of Corebridge Financial by 2.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock valued at $296,997,000 after buying an additional 227,973 shares during the period. TD Asset Management Inc lifted its position in shares of Corebridge Financial by 0.5% in the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock worth $216,259,000 after purchasing an additional 37,269 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after buying an additional 4,507,322 shares during the period. AQR Capital Management LLC raised its stake in Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Donald Smith & CO. Inc. lifted its holdings in Corebridge Financial by 12.7% in the third quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after buying an additional 489,545 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. The trade was a 1.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $31.75 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average price of $30.27 and a 200-day moving average price of $29.39. Corebridge Financial, Inc. has a 52 week low of $20.07 and a 52 week high of $34.66. The firm has a market capitalization of $18.06 billion, a PE ratio of -15.19, a P/E/G ratio of 0.39 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is -44.02%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. TD Cowen began coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price for the company. Piper Sandler decreased their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley upped their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.85.

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.