The Manufacturers Life Insurance Company Grows Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

The Manufacturers Life Insurance Company increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 21,479 shares of the company’s stock after purchasing an additional 585 shares during the period. The Manufacturers Life Insurance Company’s holdings in Corebridge Financial were worth $625,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its holdings in Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after acquiring an additional 597 shares in the last quarter. Xponance Inc. increased its position in shares of Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after buying an additional 612 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Corebridge Financial by 3.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after buying an additional 770 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Corebridge Financial during the first quarter worth approximately $25,000. Finally, Deseret Mutual Benefit Administrators increased its position in shares of Corebridge Financial by 73.2% during the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $30.56 on Wednesday. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year high of $34.66. The company has a market capitalization of $18.59 billion, a P/E ratio of 8.04, a PEG ratio of 0.42 and a beta of 0.97. The business has a 50 day moving average price of $28.24 and a 200 day moving average price of $28.65. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate 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 business posted $1.04 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.66 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial’s payout ratio is currently 24.21%.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.09% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley lowered their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Piper Sandler dropped their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Jefferies Financial Group increased their price objective on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $34.46.

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.