Corebridge Financial, Inc. (NYSE:CRBG) Holdings Boosted by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 21.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 37,187 shares of the company’s stock after acquiring an additional 6,571 shares during the period. Janney Montgomery Scott LLC’s holdings in Corebridge Financial were worth $1,084,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Swedbank AB acquired a new position in Corebridge Financial during the 2nd quarter worth $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Corebridge Financial during the first quarter valued at about $1,134,000. Diversified Trust Co acquired a new position in shares of Corebridge Financial during the second quarter valued at about $662,000. QRG Capital Management Inc. raised its position in shares of 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 buying an additional 122,601 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in shares of Corebridge Financial during the second quarter valued at about $1,886,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 0.2 %

CRBG opened at $30.46 on Friday. Corebridge Financial, Inc. has a fifty-two week low of $19.26 and a fifty-two week high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $17.33 billion, a price-to-earnings ratio of -14.53, a PEG ratio of 0.39 and a beta of 0.90. The company’s 50 day moving average price is $29.80 and its two-hundred day moving average price is $29.25.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the firm posted $1.05 EPS. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm 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. This represents a $0.92 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

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

Corebridge Financial 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.