Atlas Capital Advisors Inc. Purchases 23,401 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Atlas Capital Advisors Inc. increased its stake in Corebridge Financial by 1,178.9%, owning 25,386 shares valued at $801,000 after acquiring an additional 23,401 shares in the first quarter.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.9%, set to be paid on September 30th.
• Multiple firms have upgraded their ratings on Corebridge Financial, with Morgan Stanley raising the target price from $37.00 to $40.00, and Wells Fargo increasing it from $37.00 to $42.00, indicating a generally positive market outlook.

Atlas Capital Advisors Inc. lifted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 1,178.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,386 shares of the company's stock after purchasing an additional 23,401 shares during the period. Atlas Capital Advisors Inc.'s holdings in Corebridge Financial were worth $801,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CRBG. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial during the fourth quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after purchasing an additional 748 shares in the last quarter. Quarry LP acquired a new stake in Corebridge Financial during the fourth quarter valued at approximately $63,000. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial during the first quarter valued at approximately $75,000. Finally, Headlands Technologies LLC acquired a new stake in Corebridge Financial during the first quarter valued at approximately $156,000. 98.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRBG has been the topic of several recent analyst reports. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Piper Sandler boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Barclays boosted their target price on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Wells Fargo & Company upped their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley upped their price objective on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $40.70.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Corebridge Financial Trading Down 0.8%

NYSE:CRBG traded down $0.26 during trading hours on Thursday, hitting $33.86. 419,259 shares of the stock were exchanged, compared to its average volume of 3,304,030. The company's 50 day moving average is $34.24 and its two-hundred day moving average is $32.38. The company has a market capitalization of $18.23 billion, a P/E ratio of -55.50, a price-to-earnings-growth ratio of 0.55 and a beta of 1.06. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same quarter in the previous year, the company posted $1.13 EPS. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. Corebridge Financial's payout ratio is presently -157.38%.

Corebridge Financial Company 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.