Raymond James Financial Inc. Purchases 9,163 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Raymond James Financial Inc. increased its stake in Corebridge Financial by 0.9% during the first quarter, owning about $33.88 million worth of shares.
• Analysts have upgraded the stock, with Piper Sandler raising the price target from $38.00 to $40.00, while UBS Group increased theirs from $28.00 to $37.00, reflecting positive sentiment towards Corebridge Financial.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.7%, despite having a negative payout ratio of -157.38%.

Raymond James Financial Inc. lifted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 0.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,073,112 shares of the company's stock after acquiring an additional 9,163 shares during the period. Raymond James Financial Inc. owned approximately 0.20% of Corebridge Financial worth $33,878,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Cresset Asset Management LLC acquired a new stake in Corebridge Financial during the first quarter worth about $232,000. American Century Companies Inc. grew its stake in Corebridge Financial by 58.6% during the first quarter. American Century Companies Inc. now owns 516,617 shares of the company's stock worth $16,310,000 after buying an additional 190,925 shares in the last quarter. Brandywine Global Investment Management LLC acquired a new stake in Corebridge Financial during the first quarter worth about $14,650,000. Dimensional Fund Advisors LP grew its stake in Corebridge Financial by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after buying an additional 372,270 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. grew its stake in Corebridge Financial by 3.4% during the first quarter. Cookson Peirce & Co. Inc. now owns 871,346 shares of the company's stock worth $27,508,000 after buying an additional 28,838 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 0.4%

NYSE CRBG traded down $0.13 during trading hours on Friday, reaching $34.77. The company's stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,881,731. The firm has a fifty day simple moving average of $34.67 and a 200-day simple moving average of $32.48. The stock has a market cap of $18.72 billion, a P/E ratio of -56.99, a P/E/G ratio of 0.59 and a beta of 1.06. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates 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 last year, the business earned $1.13 EPS. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred 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 transaction, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRBG. Morgan Stanley increased their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. BMO Capital Markets increased their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Piper Sandler increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.70.

About Corebridge Financial

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.