Daiwa Securities Group Inc. Purchases 1,900 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Daiwa Securities Group Inc. boosted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 3.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 54,500 shares of the company’s stock after acquiring an additional 1,900 shares during the period. Daiwa Securities Group Inc.’s holdings in Corebridge Financial were worth $1,589,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $5,639,000. Diversified Trust Co purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $662,000. QRG Capital Management Inc. raised its stake in shares of Corebridge Financial by 145.1% in the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock worth $6,031,000 after purchasing an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $1,886,000. Finally, Senator Investment Group LP raised its stake in shares of Corebridge Financial by 152.2% in the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after purchasing an additional 700,000 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRBG has been the subject of several analyst reports. Barclays increased their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Royal Bank of Canada decreased their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley increased their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $32.41 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The business has a fifty day simple moving average of $30.66 and a two-hundred day simple moving average of $29.44. Corebridge Financial, Inc. has a 1 year low of $20.07 and a 1 year high of $34.66. The company has a market capitalization of $18.44 billion, a P/E ratio of -15.51, a P/E/G ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the business posted $1.05 earnings per share. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, analysts expect that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

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.