Raymond James Financial Inc. Has $33.88 Million Holdings in 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 stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,073,112 shares of the company's stock after buying an additional 9,163 shares during the period. Raymond James Financial Inc. owned about 0.20% of Corebridge Financial worth $33,878,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial during the fourth quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after buying an additional 748 shares in the last quarter. Quarry LP acquired a new position in shares of Corebridge Financial during the fourth quarter worth $63,000. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial in the first quarter valued at $75,000. Finally, MetLife Investment Management LLC increased 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 valued at $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.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CRBG shares. Piper Sandler increased their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. BMO Capital Markets increased their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial Stock Performance

Shares of CRBG opened at $34.9140 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $18.80 billion, a P/E ratio of -57.24, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06. The firm's fifty day simple moving average is $34.43 and its two-hundred day simple moving average is $32.41. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analysts' expectations 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 in the prior year, the firm posted $1.13 earnings per share. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated 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 transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.