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

Principal Financial Group Inc. trimmed its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 15.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 101,943 shares of the company's stock after selling 19,278 shares during the period. Principal Financial Group Inc.'s holdings in Corebridge Financial were worth $2,973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. increased its stake in Corebridge Financial by 68.6% in the 3rd quarter. Franklin Resources Inc. now owns 423,654 shares of the company's stock worth $12,981,000 after acquiring an additional 172,397 shares during the last quarter. Tidal Investments LLC increased its position in Corebridge Financial by 38.0% in the third quarter. Tidal Investments LLC now owns 31,780 shares of the company's stock worth $927,000 after purchasing an additional 8,751 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Corebridge Financial during the third quarter valued at $683,000. Virtu Financial LLC bought a new position in Corebridge Financial during the third quarter valued at $581,000. Finally, Toronto Dominion Bank grew its stake in shares of Corebridge Financial by 38.8% in the 3rd quarter. Toronto Dominion Bank now owns 38,033 shares of the company's stock worth $1,109,000 after buying an additional 10,629 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

CRBG has been the topic of several recent research reports. DOWLING & PARTN cut shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Barclays upped their price objective on 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 lifted their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Morgan Stanley raised 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. Finally, Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $35.08.

Corebridge Financial Trading Up 1.5 %

Shares of NYSE:CRBG traded up $0.45 during trading on Friday, reaching $30.81. 1,956,405 shares of the company were exchanged, compared to its average volume of 1,939,753. 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 firm has a market capitalization of $17.53 billion, a PE ratio of -14.74, a P/E/G ratio of 0.39 and a beta of 0.86. The business's fifty day simple moving average is $31.00 and its 200-day simple moving average is $29.59. Corebridge Financial, Inc. has a 12-month low of $22.14 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analysts' expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business's revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.05 EPS. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.99%. Corebridge Financial's dividend payout ratio is currently -44.02%.

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.