State of New Jersey Common Pension Fund D Cuts Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

State of New Jersey Common Pension Fund D trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 26.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 95,558 shares of the company’s stock after selling 34,162 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Corebridge Financial were worth $2,783,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research analysts have issued reports on CRBG shares. JPMorgan Chase & Co. raised their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Bank of America cut their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Morgan Stanley decreased their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Royal Bank of Canada cut their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Jefferies Financial Group raised their price objective on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Stock Up 0.2 %

NYSE CRBG opened at $27.00 on Thursday. Corebridge Financial, Inc. has a 12 month low of $18.71 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 $16.43 billion, a PE ratio of 7.11, a P/E/G ratio of 0.35 and a beta of 0.97. The stock’s 50 day moving average is $28.11 and its 200 day moving average is $28.23.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 EPS 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 the consensus estimate 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 previous year, the firm earned $1.04 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Insider Activity

In related news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 14,964,738 shares of company stock worth $400,732,195 over the last 90 days. 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.