PNC Financial Services Group Inc. Increases Holdings in Corebridge Financial, Inc. $CRBG

PNC Financial Services Group Inc. raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 235.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,074 shares of the company’s stock after purchasing an additional 19,008 shares during the period. PNC Financial Services Group Inc.’s holdings in Corebridge Financial were worth $817,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in shares of Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after buying an additional 905,918 shares during the period. Focus Partners Wealth purchased a new stake in Corebridge Financial in the first quarter worth $384,000. Creative Planning bought a new stake in Corebridge Financial in the second quarter valued at $243,000. EverSource Wealth Advisors LLC boosted its holdings in Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after acquiring an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC increased its position in Corebridge Financial by 64.4% during the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after purchasing an additional 36,239 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.4%

Shares of Corebridge Financial stock opened at $26.97 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The company has a 50-day moving average of $25.91 and a 200 day moving average of $28.14. The firm has a market cap of $12.32 billion, a price-to-earnings ratio of 49.03, a PEG ratio of 0.29 and a beta of 1.18. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the previous year, the firm earned $1.16 EPS. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.89 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRBG. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Bank of America decreased their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. TD Cowen cut their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Mizuho upped their target price on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Finally, Piper Sandler decreased their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $35.17.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.