Corebridge Financial Inc. Has $9.20 Million Holdings in Delta Air Lines, Inc. $DAL

Key Points

• Corebridge Financial Inc. has reduced its stake in Delta Air Lines by 4.6%, owning 210,913 shares valued at approximately $9.20 million after selling 10,202 shares.
• A significant portion of Delta Air Lines' stock, roughly 69.93%, is currently held by institutional investors and hedge funds, with several firms increasing their holdings dramatically in the first quarter.
• Delta Air Lines recently announced an increased quarterly dividend of $0.1875 per share, marking a rise from the previous $0.15, with a current dividend yield of 1.2% and a payout ratio of 10.87%.

Corebridge Financial Inc. trimmed its stake in Delta Air Lines, Inc. (NYSE:DAL - Free Report) by 4.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 210,913 shares of the transportation company's stock after selling 10,202 shares during the period. Corebridge Financial Inc.'s holdings in Delta Air Lines were worth $9,196,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Freedom Investment Management Inc. increased its holdings in Delta Air Lines by 12.2% in the first quarter. Freedom Investment Management Inc. now owns 7,215 shares of the transportation company's stock valued at $315,000 after purchasing an additional 784 shares during the period. Synovus Financial Corp increased its holdings in Delta Air Lines by 530.9% in the first quarter. Synovus Financial Corp now owns 60,096 shares of the transportation company's stock valued at $2,620,000 after purchasing an additional 50,571 shares during the period. Jump Financial LLC increased its holdings in Delta Air Lines by 123.3% in the first quarter. Jump Financial LLC now owns 749,397 shares of the transportation company's stock valued at $32,674,000 after purchasing an additional 413,868 shares during the period. AlphaQuest LLC increased its holdings in Delta Air Lines by 11.3% in the first quarter. AlphaQuest LLC now owns 6,138 shares of the transportation company's stock valued at $268,000 after purchasing an additional 622 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Delta Air Lines by 347.4% in the first quarter. Ameriprise Financial Inc. now owns 4,232,974 shares of the transportation company's stock valued at $184,909,000 after purchasing an additional 3,286,741 shares during the period. 69.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DAL. UBS Group set a $72.00 price objective on Delta Air Lines in a report on Friday, July 11th. Morgan Stanley increased their price objective on Delta Air Lines from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Susquehanna Bancshares increased their price objective on Delta Air Lines from $51.00 to $65.00 and gave the company a "positive" rating in a report on Friday, July 11th. TD Cowen upped their price target on shares of Delta Air Lines from $55.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, HSBC upped their price target on shares of Delta Air Lines from $64.00 to $69.20 in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $66.21.

Delta Air Lines Stock Performance

Shares of DAL opened at $61.25 on Thursday. The company has a current ratio of 0.38, a quick ratio of 0.33 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $39.99 billion, a P/E ratio of 8.88, a price-to-earnings-growth ratio of 1.91 and a beta of 1.56. The firm's fifty day simple moving average is $54.46 and its two-hundred day simple moving average is $50.85. Delta Air Lines, Inc. has a 12 month low of $34.74 and a 12 month high of $69.98.

Delta Air Lines (NYSE:DAL - Get Free Report) last issued its quarterly earnings results on Thursday, July 10th. The transportation company reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.09. The business had revenue of $15,507,000 billion for the quarter, compared to analysts' expectations of $16.16 billion. Delta Air Lines had a net margin of 7.24% and a return on equity of 24.86%. The business's quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.36 earnings per share. As a group, analysts predict that Delta Air Lines, Inc. will post 7.63 EPS for the current year.

Delta Air Lines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, July 31st were given a dividend of $0.1875 per share. This is a boost from Delta Air Lines's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.2%. Delta Air Lines's payout ratio is currently 10.87%.

Insider Activity at Delta Air Lines

In other news, Director Michael P. Huerta sold 2,500 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $60.70, for a total transaction of $151,750.00. Following the transaction, the director owned 33,245 shares of the company's stock, valued at $2,017,971.50. This represents a 6.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steven M. Sear sold 18,000 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.96, for a total transaction of $1,007,280.00. Following the transaction, the executive vice president directly owned 97,505 shares in the company, valued at $5,456,379.80. This trade represents a 15.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 136,473 shares of company stock worth $7,663,496. 0.88% of the stock is currently owned by insiders.

Delta Air Lines Profile

Delta Air Lines, Inc provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Sao Paulo, Seoul-Incheon, and Tokyo.

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