Pallas Capital Advisors LLC Acquires New Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

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

Several other institutional investors also recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its stake in shares of Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after buying an additional 480 shares during the last quarter. Oarsman Capital Inc. acquired a new stake in Corebridge Financial during the fourth quarter worth approximately $30,000. Sunbelt Securities Inc. bought a new stake in Corebridge Financial in the 4th quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after acquiring an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock worth $49,000 after purchasing an additional 329 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded down $1.01 during mid-day trading on Friday, hitting $32.02. 2,637,849 shares of the stock were exchanged, compared to its average volume of 3,247,322. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $17.60 billion, a P/E ratio of 8.47, a P/E/G ratio of 0.43 and a beta of 1.04. The company has a 50-day simple moving average of $30.76 and a 200 day simple moving average of $31.34. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $1.16 EPS for the quarter, topping 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 business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. 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 declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 81.36%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRBG shares. Piper Sandler raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Morgan Stanley raised their target price on Corebridge Financial from $32.00 to $37.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average target price 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.