Swedbank AB Acquires 6,143 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Swedbank AB raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 3.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 199,807 shares of the company’s stock after purchasing an additional 6,143 shares during the quarter. Swedbank AB’s holdings in Corebridge Financial were worth $5,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Corebridge Financial by 39.0% during 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. Canada Pension Plan Investment Board grew its position in shares of Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares during the period. Donald Smith & CO. Inc. bought a new position in shares of Corebridge Financial during the 1st quarter valued at approximately $89,013,000. Capital Research Global Investors raised its holdings in shares of Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after purchasing an additional 3,059,354 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Corebridge Financial by 201.1% in the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after purchasing an additional 2,677,105 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 279,238,898 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $31.72 on Friday. Corebridge Financial, Inc. has a 12 month low of $18.83 and a 12 month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a market cap of $19.30 billion, a P/E ratio of 8.35, a P/E/G ratio of 0.42 and a beta of 0.97. The company has a 50 day moving average of $28.59 and a 200 day moving average of $28.71.

Corebridge Financial (NYSE:CRBG) last released 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 for 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 firm posted $1.04 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.66 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm 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. The ex-dividend date was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.90%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Analyst Ratings Changes

Several brokerages have weighed in on CRBG. TD Cowen started coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective for the company. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Jefferies Financial Group boosted their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. increased their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada reduced their target price on shares of 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 analysts have rated the stock with a hold rating and ten 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 price target of $34.46.

About Corebridge Financial

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.