Pallas Capital Advisors LLC Has $725,000 Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Pallas Capital Advisors LLC reduced its stake in Corebridge Financial (NYSE:CRBG) by 38.3%, selling 12,666 shares in the 2nd quarter, bringing their total to 20,434 shares valued at $725,000.
• Corebridge Financial reported an EPS of $1.36 for Q2, exceeding expectations, but its revenue of $4.42 billion fell short of the forecasted $4.85 billion.
• The company announced a quarterly dividend of $0.24 per share, set to be paid on September 30th, with a current annualized yield of 2.9%.

Pallas Capital Advisors LLC cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 38.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,434 shares of the company's stock after selling 12,666 shares during the quarter. Pallas Capital Advisors LLC's holdings in Corebridge Financial were worth $725,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Pzena Investment Management LLC increased its stake in Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after acquiring an additional 3,412,147 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Corebridge Financial in the first quarter valued at about $100,404,000. AQR Capital Management LLC grew its stake in shares of Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after buying an additional 2,780,764 shares in the last quarter. Truist Financial Corp grew its stake in shares of Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after buying an additional 1,499,733 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after buying an additional 1,470,812 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

NYSE:CRBG traded up $0.59 during midday trading on Monday, reaching $33.33. 1,439,113 shares of the company traded hands, compared to its average volume of 3,311,515. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The firm has a market capitalization of $17.95 billion, a price-to-earnings ratio of -54.66, a price-to-earnings-growth ratio of 0.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The company has a fifty day moving average price of $34.22 and a 200 day moving average price of $32.49.

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

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is currently -157.38%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRBG. Barclays lowered their target price on Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, September 5th. Wells Fargo & Company increased their target price on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. BMO Capital Markets increased their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $40.80.

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at $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 available through this link. 0.29% of the stock is owned by insiders.

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.