Denali Advisors LLC Decreases Stock Holdings in Corebridge Financial, Inc. $CRBG

Denali Advisors LLC reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 79.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 6,241 shares of the company’s stock after selling 23,694 shares during the quarter. Denali Advisors LLC’s holdings in Corebridge Financial were worth $200,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Corebridge Financial during the second quarter valued at $145,632,000. Goldman Sachs Group Inc. increased its holdings in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after buying an additional 905,918 shares during the last quarter. Bank of America Corp DE raised its position in shares of Corebridge Financial by 42.8% during the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after buying an additional 864,946 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Corebridge Financial by 113.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock valued at $45,195,000 after acquiring an additional 677,111 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Corebridge Financial by 723.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 623,267 shares of the company’s stock valued at $22,126,000 after acquiring an additional 547,561 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 0.5%

NYSE:CRBG opened at $30.93 on Wednesday. The stock has a market capitalization of $14.90 billion, a price-to-earnings ratio of -58.36, a PEG ratio of 0.41 and a beta of 1.04. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $30.71 and a 200 day moving average of $31.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the company earned $1.06 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.2%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is currently -181.13%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRBG. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. UBS Group cut their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Barclays reduced their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, February 10th. Mizuho assumed coverage on Corebridge Financial in a research report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Finally, Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $37.60.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.