First Hawaiian Bank Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

First Hawaiian Bank bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 39,036 shares of the company’s stock, valued at approximately $1,168,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its stake in Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after acquiring an additional 16,970 shares during the period. Virtu Financial LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $581,000. State Street Corp lifted its position in shares of Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares during the period. Qsemble Capital Management LP bought a new position in shares of Corebridge Financial during the third quarter valued at approximately $2,370,000. Finally, Senator Investment Group LP increased its holdings in Corebridge Financial by 152.2% during the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock valued at $33,779,000 after buying an additional 700,000 shares during the period. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 0.2 %

Shares of Corebridge Financial stock opened at $31.35 on Friday. Corebridge Financial, Inc. has a 12-month low of $23.01 and a 12-month high of $34.66. The firm’s 50 day simple moving average is $30.94 and its two-hundred day simple moving average is $29.64. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of -15.00, a PEG ratio of 0.39 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last issued its 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. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the business posted $1.05 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.93%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley raised their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a report on Monday. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $35.50.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value 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. The trade was a 10.74 % 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 corporate insiders.

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.