Principal Financial Group Inc. Purchases 23,978 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Principal Financial Group Inc. lifted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 24.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 121,221 shares of the company’s stock after purchasing an additional 23,978 shares during the quarter. Principal Financial Group Inc.’s holdings in Corebridge Financial were worth $3,530,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CRBG. Norges Bank bought a new position in shares of Corebridge Financial in the fourth quarter worth $225,561,000. Vanguard Group Inc. increased its stake in Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after acquiring an additional 6,648,673 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after acquiring an additional 5,157,570 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Corebridge Financial in the fourth quarter valued at $105,728,000. Finally, Clearbridge Investments LLC increased its stake in Corebridge Financial by 681.9% in the fourth quarter. Clearbridge Investments LLC now owns 4,248,529 shares of the company’s stock valued at $92,023,000 after acquiring an additional 3,705,181 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $26.61 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The company’s 50-day simple moving average is $28.37 and its two-hundred day simple moving average is $28.14. Corebridge Financial, Inc. has a one year low of $18.24 and a one year high of $34.66. The company has a market capitalization of $16.19 billion, a P/E ratio of 7.00, a P/E/G ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the company posted $1.04 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.46%. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial 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 transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRBG. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Royal Bank of Canada cut their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Barclays began coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They set 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 given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.62.

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.