Corebridge Financial, Inc. $CRBG Holdings Lifted by Praxis Investment Management Inc.

Praxis Investment Management Inc. grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 11.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,250 shares of the company’s stock after purchasing an additional 1,640 shares during the period. Praxis Investment Management Inc.’s holdings in Corebridge Financial were worth $577,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRBG. Wealth Enhancement Advisory Services LLC grew its position in Corebridge Financial by 194.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 55,962 shares of the company’s stock worth $1,767,000 after purchasing an additional 36,977 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Corebridge Financial by 3.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company’s stock worth $1,251,000 after purchasing an additional 1,287 shares during the last quarter. Retirement Systems of Alabama bought a new position in Corebridge Financial in the 1st quarter worth about $2,358,000. Oppenheimer & Co. Inc. boosted its holdings in shares of Corebridge Financial by 9.7% in the first quarter. Oppenheimer & Co. Inc. now owns 22,577 shares of the company’s stock valued at $713,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of Corebridge Financial in the first quarter valued at approximately $75,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.1%

CRBG stock opened at $30.96 on Friday. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market cap of $16.67 billion, a PE ratio of -50.76, a P/E/G ratio of 0.47 and a beta of 1.02. The firm has a 50 day simple moving average of $33.20 and a 200 day simple moving average of $32.52. 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) last released its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the business earned $1.13 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.1%. Corebridge Financial’s dividend payout ratio is currently -157.38%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CRBG shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corebridge Financial in a report on Wednesday, October 8th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Morgan Stanley decreased their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Finally, Evercore ISI decreased their price objective on shares of Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company’s stock.

Corebridge Financial Company 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.