Principal Financial Group Inc. Sells 19,278 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

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

A number of other institutional investors also recently modified their holdings of CRBG. Covestor Ltd lifted its holdings in Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after buying an additional 585 shares in the last quarter. Commonwealth Equity Services LLC raised its position in Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares during the period. Xponance Inc. boosted its holdings in Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after acquiring an additional 612 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after buying an additional 770 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.81 on Friday. Corebridge Financial, Inc. has a 1-year low of $22.14 and a 1-year high of $34.66. The firm has a market capitalization of $17.53 billion, a P/E ratio of -14.74, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The company’s 50-day moving average is $31.02 and its 200 day moving average is $29.58. 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. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 EPS. Research analysts forecast that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.99%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Wall Street Analyst Weigh In

CRBG has been the topic of a number of research analyst reports. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley boosted 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. 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 research report on Wednesday, November 27th. Barclays raised their price objective 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. Finally, DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.08.

Insider Buying and Selling

In other news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by company insiders.

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.