Prana Capital Management LP Has $2.89 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Prana Capital Management LP reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,186 shares of the company’s stock after selling 10,616 shares during the period. Prana Capital Management LP’s holdings in Corebridge Financial were worth $2,892,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of CRBG. Canada Pension Plan Investment Board boosted its position in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after buying an additional 4,507,322 shares during the period. Marshall Wace LLP raised its holdings in Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after acquiring an additional 2,677,105 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 150.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after acquiring an additional 2,137,594 shares in the last quarter. AQR Capital Management LLC raised its stake in Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after buying an additional 1,282,154 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in Corebridge Financial by 34.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after buying an additional 915,848 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CRBG shares. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley increased their price target 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. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Barclays raised their target price on Corebridge Financial from $34.00 to $36.00 and gave the company 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 given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Stock Performance

Shares of CRBG opened at $32.31 on Wednesday. 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 stock has a 50-day moving average of $30.89 and a 200-day moving average of $29.46. The company has a market cap of $18.38 billion, a PE ratio of -15.46, a P/E/G ratio of 0.41 and a beta of 0.86. Corebridge Financial, Inc. has a one year low of $20.07 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $5.66 billion. During the same quarter in the previous year, the business earned $1.05 EPS. The company’s quarterly revenue was up 39.5% on a year-over-year basis. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction on 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 sale, 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 legal filing with the SEC, which is available through this link. 0.08% of the stock is currently owned by insiders.

About Corebridge Financial

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.