D.A. Davidson & CO. Acquires Shares of 12,300 Corebridge Financial, Inc. (NYSE:CRBG)

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

Other institutional investors have also recently made changes to their positions in the company. Tidal Investments LLC boosted its stake in Corebridge Financial by 154.6% during the 1st quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock valued at $737,000 after purchasing an additional 15,574 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Corebridge Financial by 134.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after buying an additional 11,786 shares during the last quarter. DNB Asset Management AS lifted its stake in Corebridge Financial by 9.5% during the 2nd quarter. DNB Asset Management AS now owns 46,392 shares of the company’s stock valued at $1,351,000 after acquiring an additional 4,006 shares during the period. CWM LLC boosted its holdings in shares of Corebridge Financial by 13.8% during the 2nd quarter. CWM LLC now owns 8,762 shares of the company’s stock valued at $255,000 after acquiring an additional 1,063 shares during the last quarter. Finally, Renaissance Capital LLC grew its stake in shares of Corebridge Financial by 54.2% in the second quarter. Renaissance Capital LLC now owns 229,680 shares of the company’s stock worth $6,688,000 after acquiring an additional 80,732 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $32.31 on Wednesday. The stock has a market cap of $18.38 billion, a PE ratio of -15.46, a price-to-earnings-growth ratio of 0.41 and a beta of 0.86. Corebridge Financial, Inc. has a 1 year low of $20.07 and a 1 year high of $34.66. The firm has a fifty day moving average price of $30.89 and a 200-day moving average price of $29.46. 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 issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. 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 prior year, the business posted $1.05 EPS. Corebridge Financial’s revenue for the quarter was up 39.5% compared to the same quarter last year. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Barclays increased their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen raised their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Piper Sandler reduced their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Morgan Stanley raised their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.08% of the stock is owned by 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.