Hancock Whitney Corp Increases Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Hancock Whitney Corp increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,182 shares of the company’s stock after buying an additional 922 shares during the period. Hancock Whitney Corp’s holdings in Corebridge Financial were worth $2,426,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd lifted its stake in Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Corebridge Financial by 2.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Corebridge Financial by 3.0% in the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after buying an additional 612 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after buying an additional 770 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.86 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market cap of $18.12 billion, a price-to-earnings ratio of -15.24, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90. The firm’s fifty day moving average price is $30.36 and its 200 day moving average price is $29.38. Corebridge Financial, Inc. has a 1-year low of $20.07 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 earnings per share. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the transaction, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley boosted their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Barclays upped their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada cut their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, TD Cowen began coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $34.85.

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.