Handelsbanken Fonder AB Acquires 14,700 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Handelsbanken Fonder AB lifted its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 34.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,400 shares of the company’s stock after acquiring an additional 14,700 shares during the period. Handelsbanken Fonder AB’s holdings in Corebridge Financial were worth $1,674,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Riverview Trust Co purchased a new stake in Corebridge Financial in the 1st quarter worth $25,000. LRI Investments LLC bought a new position in Corebridge Financial during the second quarter valued at approximately $30,000. ORG Partners LLC purchased a new position in Corebridge Financial during the 2nd quarter valued at approximately $32,000. Fifth Third Bancorp bought a new stake in Corebridge Financial in the 2nd quarter worth approximately $54,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after acquiring an additional 877 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $29.96 on Friday. The company has a market capitalization of $18.23 billion, a P/E ratio of 7.89, a P/E/G ratio of 0.39 and a beta of 0.97. The company’s 50-day simple moving average is $27.89 and its two-hundred day simple moving average is $28.59. Corebridge Financial, Inc. has a one year low of $18.83 and a one year high of $34.66. 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 announced its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter in the prior year, the company earned $1.04 EPS. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.73 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.07%. The ex-dividend date was Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday. They issued a “buy” rating and a $35.00 target price for the company. Morgan Stanley reduced their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Bank of America lowered their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $34.46.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial 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 transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by insiders.

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.