Prudential PLC Acquires Shares of 9,886 Corebridge Financial, Inc. (NYSE:CRBG)

Prudential PLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,886 shares of the company’s stock, valued at approximately $288,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kerusso Capital Management LLC bought a new position in Corebridge Financial in the 2nd quarter valued at approximately $3,330,000. Acadian Asset Management LLC raised its position in shares of Corebridge Financial by 1.6% in the 2nd quarter. Acadian Asset Management LLC now owns 2,871,908 shares of the company’s stock worth $83,613,000 after acquiring an additional 43,945 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at about $1,246,000. Deseret Mutual Benefit Administrators boosted its position 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 valued at $60,000 after purchasing an additional 877 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in Corebridge Financial by 0.5% during the second quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock worth $216,259,000 after purchasing an additional 37,269 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CRBG. Jefferies Financial Group raised their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. UBS Group raised their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. boosted 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. Bank of America cut their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, Royal Bank of Canada decreased their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Corebridge Financial Stock Down 0.4 %

Corebridge Financial stock opened at $27.41 on Friday. The firm has a 50 day moving average price of $28.26 and a 200-day moving average price of $28.15. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.40 and a twelve month high of $34.66. The company has a market capitalization of $16.23 billion, a P/E ratio of 7.21, a P/E/G ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.74 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 dividend of $0.23 per share. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.36%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company’s stock.

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.