AQR Capital Management LLC Buys 1,282,154 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

AQR Capital Management LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 40.3% during the 2nd quarter, Holdings Channel reports. The fund owned 4,462,933 shares of the company’s stock after acquiring an additional 1,282,154 shares during the period. AQR Capital Management LLC’s holdings in Corebridge Financial were worth $129,961,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Principal Financial Group Inc. boosted its holdings in Corebridge Financial by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock worth $2,004,000 after acquiring an additional 2,828 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Corebridge Financial in the 4th quarter worth $514,000. Corient Private Wealth LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at $1,599,000. Hsbc Holdings PLC increased its stake in Corebridge Financial by 604.1% during the 4th quarter. Hsbc Holdings PLC now owns 130,926 shares of the company’s stock valued at $2,833,000 after purchasing an additional 112,330 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Corebridge Financial by 113.7% during the 4th quarter. Allianz Asset Management GmbH now owns 1,658,492 shares of the company’s stock valued at $35,923,000 after purchasing an additional 882,385 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 14,964,738 shares of company stock valued at $400,732,195 over the last ninety days. 0.09% of the stock is currently owned by insiders.

Corebridge Financial Trading Up 2.0 %

Shares of Corebridge Financial stock opened at $28.95 on Friday. The stock has a fifty day moving average price of $27.97 and a 200-day moving average price of $28.37. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market cap of $17.14 billion, a PE ratio of 7.62, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion during 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 last year, the company posted $1.04 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.73 EPS for the current year.

Corebridge Financial Announces Dividend

The company 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 yield of 3.18%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays began coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Bank of America lowered their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. UBS Group lifted their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Jefferies Financial Group increased their price target 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 equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.62.

About Corebridge Financial

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.