Corebridge Financial, Inc. (NYSE:CRBG) Shares Bought by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 60.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,745 shares of the company’s stock after purchasing an additional 18,022 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Corebridge Financial were worth $1,390,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Riverview Trust Co acquired a new stake in Corebridge Financial in the 1st quarter valued at $25,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial in the second quarter worth about $30,000. ORG Partners LLC acquired a new stake in shares of Corebridge Financial in the second quarter valued at about $32,000. Fifth Third Bancorp purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $54,000. Finally, Deseret Mutual Benefit Administrators lifted its position in Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after acquiring an additional 877 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 14,964,738 shares of company stock valued at $400,732,195. Company insiders own 0.09% of the company’s stock.

Corebridge Financial Trading Down 0.2 %

Shares of NYSE CRBG opened at $28.90 on Monday. 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’s 50 day moving average price is $27.95 and its two-hundred day moving average price is $28.45. Corebridge Financial, Inc. has a 52-week low of $18.83 and a 52-week high of $34.66. The stock has a market capitalization of $17.58 billion, a P/E ratio of 7.61, a PEG ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The business 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 period in the prior year, the company posted $1.04 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. Corebridge Financial’s payout ratio is currently 24.21%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRBG. UBS Group increased their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Jefferies Financial Group boosted their price objective 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. Morgan Stanley lowered their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Finally, Barclays started coverage on Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target on the stock. 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Company 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.