D.A. Davidson & CO. Takes $359,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

D.A. Davidson & CO. purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,300 shares of the company’s stock, valued at approximately $359,000.

Other large investors also recently bought and sold shares of the company. Swedbank AB bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $5,639,000. Diversified Trust Co purchased a new position in Corebridge Financial during the second quarter worth $662,000. QRG Capital Management Inc. increased its position in Corebridge Financial by 145.1% during the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after acquiring an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Corebridge Financial in the second quarter valued at $1,886,000. Finally, Senator Investment Group LP lifted its holdings in shares of Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after acquiring an additional 700,000 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CRBG. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays raised their price target 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. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, Morgan Stanley lifted their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Stock Performance

CRBG stock opened at $32.31 on Wednesday. Corebridge Financial, Inc. has a 1-year low of $20.07 and a 1-year high of $34.66. The business has a 50-day moving average price of $30.89 and a 200 day moving average price of $29.46. The company has a market capitalization of $18.38 billion, a P/E ratio of -15.46, a PEG ratio of 0.41 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business posted $1.05 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business 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 dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.85%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated 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 directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.08% of the company’s stock.

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.