PNC Financial Services Group Inc. Lowers Stake in Corebridge Financial, Inc. $CRBG

PNC Financial Services Group Inc. lowered its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 75.3% during the 1st quarter, HoldingsChannel reports. The fund owned 6,686 shares of the company’s stock after selling 20,388 shares during the period. PNC Financial Services Group Inc.’s holdings in Corebridge Financial were worth $160,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after purchasing an additional 311,133 shares in the last quarter. Pzena Investment Management LLC increased its position in Corebridge Financial by 14.4% during the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after buying an additional 3,413,384 shares in the last quarter. Norges Bank bought a new position in Corebridge Financial during the 4th quarter valued at approximately $611,550,000. State Street Corp raised its stake in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after buying an additional 3,465,371 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after buying an additional 2,689,611 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CRBG shares. Barclays boosted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. TD Cowen lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. dropped their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Mizuho increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Finally, Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.75.

Insider Transactions at Corebridge Financial

In other news, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. This trade represents a 10.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Corebridge Financial Stock Performance

CRBG stock opened at $33.65 on Friday. The stock’s 50 day simple moving average is $29.91 and its 200 day simple moving average is $28.06. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.22. The stock has a market capitalization of $15.00 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the company earned $1.36 EPS. As a group, research analysts forecast that Corebridge Financial, Inc. will post 4.55 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.0%. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Corebridge Financial Company 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.