Toronto Dominion Bank Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Toronto Dominion Bank grew its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 22.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,404 shares of the company’s stock after purchasing an additional 4,933 shares during the quarter. Toronto Dominion Bank’s holdings in Corebridge Financial were worth $798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CRBG. Junto Capital Management LP bought a new position in Corebridge Financial in the 4th quarter worth about $26,232,000. Swedbank AB purchased a new stake in Corebridge Financial during the 2nd quarter valued at $5,639,000. Williamson Legacy Group LLC bought a new position in shares of Corebridge Financial during the 4th quarter valued at $716,000. Wellington Management Group LLP grew its holdings in shares of Corebridge Financial by 14,292.5% in the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after acquiring an additional 2,442,729 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Corebridge Financial during the first quarter valued at $1,134,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.09% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CRBG has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Barclays initiated coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective on the stock. Bank of America decreased their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley dropped their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, Royal Bank of Canada lowered their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $33.62.

Corebridge Financial Stock Up 0.9 %

Shares of NYSE CRBG opened at $29.16 on Tuesday. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The firm has a 50-day simple moving average of $27.94 and a two-hundred day simple moving average of $28.48. The company has a market cap of $17.74 billion, a P/E ratio of 7.67, a PEG ratio of 0.39 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 (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter last year, the firm posted $1.04 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

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.