Swiss National Bank Grows Position in Corebridge Financial, Inc. (NYSE:CRBG)

Swiss National Bank boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 10.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 812,665 shares of the company’s stock after acquiring an additional 75,600 shares during the quarter. Swiss National Bank’s holdings in Corebridge Financial were worth $23,697,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 6.0% during the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after buying an additional 1,415,265 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Corebridge Financial by 5.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock valued at $503,000 after acquiring an additional 978 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in Corebridge Financial in the first quarter worth $103,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Corebridge Financial during the first quarter worth $132,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Corebridge Financial during the first quarter valued at $646,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $31.47 on Friday. Corebridge Financial, Inc. has a one year low of $19.90 and a one year high of $34.66. The firm has a market cap of $17.90 billion, a price-to-earnings ratio of -15.06, a PEG ratio of 0.39 and a beta of 0.90. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a 50-day simple moving average of $30.18 and a two-hundred day simple moving average of $29.37.

Corebridge Financial (NYSE:CRBG) last announced 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. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm earned $1.05 earnings per share. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.92%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRBG. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada decreased their price target 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. Barclays increased their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen assumed coverage on Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price for the company. Finally, Piper Sandler dropped their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial 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 completion of the sale, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by corporate insiders.

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.