Denali Advisors LLC Sells 23,694 Shares of Corebridge Financial, Inc. $CRBG

Denali Advisors LLC decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 79.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,241 shares of the company’s stock after selling 23,694 shares during the quarter. Denali Advisors LLC’s holdings in Corebridge Financial were worth $200,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. IFP Advisors Inc boosted its stake in shares of Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after acquiring an additional 673 shares during the last quarter. Allworth Financial LP bought a new position in Corebridge Financial in the 2nd quarter worth $26,000. Smartleaf Asset Management LLC lifted its position in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares in the last quarter. Root Financial Partners LLC purchased a new position in Corebridge Financial during the third quarter valued at $32,000. Finally, Assetmark Inc. grew its holdings in Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRBG. Barclays decreased their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 10th. Mizuho assumed coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Wells Fargo & Company lowered their price target on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Finally, UBS Group decreased their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $37.60.

Corebridge Financial Trading Down 0.5%

CRBG stock opened at $30.93 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The business has a 50 day simple moving average of $30.71 and a two-hundred day simple moving average of $31.57. The company has a market capitalization of $14.90 billion, a price-to-earnings ratio of -58.36, a PEG ratio of 0.41 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The firm had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter last year, the business posted $1.06 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. Corebridge Financial’s payout ratio is currently -181.13%.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.