Principal Financial Group Inc. Decreases Position in Corebridge Financial, Inc. (NYSE:CRBG)

Principal Financial Group Inc. trimmed its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,553 shares of the company’s stock after selling 1,228 shares during the quarter. Principal Financial Group Inc.’s holdings in Corebridge Financial were worth $3,143,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Vanguard Group Inc. lifted its position in Corebridge Financial by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock valued at $716,083,000 after acquiring an additional 711,857 shares during the last quarter. Norges Bank purchased a new stake in shares of Corebridge Financial in the fourth quarter valued at about $283,212,000. AQR Capital Management LLC raised its holdings in shares of Corebridge Financial by 10.5% in the fourth quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company’s stock valued at $166,314,000 after buying an additional 527,376 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corebridge Financial by 16.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company’s stock valued at $163,344,000 after buying an additional 770,255 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Down 0.1%

CRBG stock opened at $35.27 on Friday. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.08. The company’s 50 day simple moving average is $33.44 and its 200-day simple moving average is $31.95. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $19.39 billion, a P/E ratio of 29.89, a P/E/G ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same period in the previous year, the firm posted $1.10 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial’s payout ratio is currently 81.36%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRBG shares. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. Piper Sandler boosted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, July 3rd. Morgan Stanley boosted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, June 27th. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 2nd. Finally, UBS Group upgraded shares of Corebridge Financial from a “sell” rating to a “neutral” rating and upped their target price for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.91.

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.