PNC Financial Services Group Inc. Lowers Stake in Corebridge Financial, Inc. $CRBG

PNC Financial Services Group Inc. reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 75.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 6,686 shares of the company’s stock after selling 20,388 shares during the period. PNC Financial Services Group Inc.’s holdings in Corebridge Financial were worth $160,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Salomon & Ludwin LLC raised its position in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its holdings in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares in the last quarter. Clearstead Advisors LLC increased its position in shares of Corebridge Financial by 143.7% during the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after purchasing an additional 983 shares during the last quarter. IFP Advisors Inc increased its position in shares of Corebridge Financial by 98.8% during the 4th quarter. IFP Advisors Inc now owns 1,797 shares of the company’s stock valued at $54,000 after purchasing an additional 893 shares during the last quarter. Finally, Key Capital Management INC purchased a new position in shares of Corebridge Financial during the 4th quarter valued at about $56,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG stock opened at $33.65 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.22. The firm has a 50-day moving average of $29.91 and a 200 day moving average of $28.06. The company has a market cap of $15.00 billion, a P/E ratio of 19.68, a PEG ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the firm posted $1.36 EPS. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.55 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Analysts Set New Price Targets

Several analysts have issued reports on CRBG shares. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Piper Sandler lifted their target price on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

Insider Buying and Selling at Corebridge Financial

In related news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by corporate insiders.

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.