Los Angeles Capital Management LLC Buys New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Los Angeles Capital Management LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 42,793 shares of the company’s stock, valued at approximately $1,246,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Corebridge Financial during the 4th quarter worth about $225,561,000. Vanguard Group Inc. raised its stake in Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after buying an additional 6,648,673 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after buying an additional 5,157,570 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $105,728,000. Finally, Clearbridge Investments LLC boosted its stake in shares of Corebridge Financial by 681.9% during the 4th quarter. Clearbridge Investments LLC now owns 4,248,529 shares of the company’s stock worth $92,023,000 after acquiring an additional 3,705,181 shares during the period. 98.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.09% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $26.81 on Thursday. The business has a fifty day moving average price of $28.32 and a two-hundred day moving average price of $28.13. The stock has a market capitalization of $16.31 billion, a PE ratio of 7.06, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a fifty-two week low of $18.24 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the business earned $1.04 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s payout ratio is presently 24.21%.

Analyst Ratings Changes

Several equities research analysts have issued reports on CRBG shares. Jefferies Financial Group raised their price target on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Barclays initiated coverage on shares of Corebridge Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 target price for the company. UBS Group increased their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Finally, Bank of America lowered their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.62.

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.