TD Asset Management Inc Grows Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

TD Asset Management Inc boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 0.5% in the second quarter, Holdings Channel reports. The fund owned 7,426,483 shares of the company’s stock after buying an additional 37,269 shares during the quarter. TD Asset Management Inc’s holdings in Corebridge Financial were worth $216,259,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRBG. Amalgamated Bank boosted its holdings in Corebridge Financial by 60.6% in the 4th quarter. Amalgamated Bank now owns 48,050 shares of the company’s stock worth $1,041,000 after acquiring an additional 18,137 shares during the period. Maryland State Retirement & Pension System acquired a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $385,000. Charles Schwab Investment Management Inc. raised its position in shares of Corebridge Financial by 44.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,001,915 shares of the company’s stock valued at $43,361,000 after purchasing an additional 619,341 shares in the last quarter. Vestor Capital LLC acquired a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $43,000. Finally, Qsemble Capital Management LP raised its position in shares of Corebridge Financial by 89.3% in the 4th quarter. Qsemble Capital Management LP now owns 30,285 shares of the company’s stock valued at $656,000 after purchasing an additional 14,285 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the sale, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CRBG shares. Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Barclays started coverage on Corebridge Financial in a research report on Wednesday. They issued an “equal weight” rating and a $33.00 target price on the stock. Morgan Stanley cut their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. JPMorgan Chase & Co. upped their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Finally, Jefferies Financial Group upped their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.62.

Corebridge Financial Stock Performance

CRBG stock opened at $27.63 on Friday. Corebridge Financial, Inc. has a 12-month low of $17.80 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’s 50 day simple moving average is $28.52 and its 200 day simple moving average is $28.07. The firm has a market cap of $16.81 billion, a P/E ratio of 7.27, a P/E/G ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its 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. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the company earned $1.04 earnings per share. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.33%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is presently 24.21%.

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.