PNC Financial Services Group Inc. Buys 19,008 Shares of Corebridge Financial, Inc. $CRBG

PNC Financial Services Group Inc. increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 235.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 27,074 shares of the company’s stock after acquiring an additional 19,008 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Corebridge Financial were worth $817,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Corebridge Financial by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after buying an additional 311,133 shares during the last quarter. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock worth $214,372,000 after acquiring an additional 430,308 shares during the last quarter. LSV Asset Management raised its holdings in Corebridge Financial by 2.1% in the 3rd quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock worth $150,171,000 after acquiring an additional 98,435 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Corebridge Financial by 42.8% in the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after acquiring an additional 864,946 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $26.97 on Friday. The company has a market cap of $12.32 billion, a P/E ratio of 49.03, a price-to-earnings-growth ratio of 0.29 and a beta of 1.18. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The stock’s fifty day moving average price is $25.91 and its 200-day moving average price is $28.14.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter last year, the company posted $1.16 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.89 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Bank of America dropped their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. TD Cowen lowered their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $35.17.

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.