Mercer Global Advisors Inc. ADV Acquires 114,540 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Mercer Global Advisors Inc. ADV grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 144.8% during the second quarter, Holdings Channel.com reports. The firm owned 193,617 shares of the company’s stock after acquiring an additional 114,540 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Corebridge Financial were worth $5,638,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CRBG. Junto Capital Management LP acquired a new stake in Corebridge Financial in the 4th quarter valued at $26,232,000. Swedbank AB bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $5,639,000. Williamson Legacy Group LLC bought a new position in shares of Corebridge Financial in the 4th quarter valued at about $716,000. Wellington Management Group LLP increased its position in shares of Corebridge Financial by 14,292.5% in the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock valued at $53,280,000 after acquiring an additional 2,442,729 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Corebridge Financial during the first quarter worth about $1,134,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of analyst reports. Jefferies Financial Group raised their price target on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Barclays assumed coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada dropped their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 14,964,738 shares of company stock valued at $400,732,195. 0.09% of the stock is owned by company insiders.

Corebridge Financial Stock Down 0.4 %

Corebridge Financial stock opened at $27.88 on Friday. The company’s 50-day moving average price is $28.04 and its two-hundred day moving average price is $28.25. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a market cap of $16.96 billion, a P/E ratio of 7.34, a P/E/G ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter last year, the company earned $1.04 earnings per share. As a group, analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is currently 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.