Pallas Capital Advisors LLC Buys Shares of 33,100 Corebridge Financial, Inc. (NYSE:CRBG)

Pallas Capital Advisors LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 33,100 shares of the company's stock, valued at approximately $1,045,000.

A number of other institutional investors have also added to or reduced their stakes in CRBG. EverSource Wealth Advisors LLC lifted its holdings in Corebridge Financial by 25.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock worth $49,000 after acquiring an additional 329 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Corebridge Financial by 58.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after buying an additional 423 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Sanctuary Advisors LLC increased its stake in shares of Corebridge Financial by 3.1% in the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company's stock worth $664,000 after acquiring an additional 660 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Corebridge Financial by 16.0% in the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after purchasing an additional 715 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of NYSE:CRBG remained flat at $32.63 during midday trading on Thursday. 517,904 shares of the stock were exchanged, compared to its average volume of 3,255,232. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a fifty day moving average price of $30.48 and a two-hundred day moving average price of $31.34. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $35.36. The firm has a market capitalization of $17.94 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 0.43 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the firm earned $1.10 EPS. 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 business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio is presently 81.36%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. UBS Group cut shares of Corebridge Financial from a "buy" rating to a "sell" rating and reduced their target price for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. Morgan Stanley increased their price objective on shares of Corebridge Financial from $32.00 to $37.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Finally, Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

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.