Northwest & Ethical Investments L.P. Invests $325,000 in Corebridge Financial, Inc. $CRBG

Key Points

• Northwest & Ethical Investments L.P. acquired 10,313 shares of Corebridge Financial, valued at approximately $325,000, during the first quarter, contributing to a high level of institutional ownership of 98.25%.
• Corebridge Financial's major shareholder, International Group American, sold 30 million shares, reducing their stake by 26.34% and owning approximately $2.82 billion worth of shares after the transaction.
• The company announced a quarterly dividend of $0.24 to be paid on September 30th, representing an annualized yield of 2.8%, with a negative payout ratio of -157.38%.

Northwest & Ethical Investments L.P. bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,313 shares of the company's stock, valued at approximately $325,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after purchasing an additional 7,828,929 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Corebridge Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock worth $765,571,000 after purchasing an additional 324,692 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after purchasing an additional 372,270 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Corebridge Financial by 10.5% in the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock worth $166,314,000 after purchasing an additional 527,376 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on CRBG. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. BMO Capital Markets lifted their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Finally, Barclays lifted their price objective on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.70.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.30 during mid-day trading on Monday, hitting $34.67. 1,684,154 shares of the company traded hands, compared to its average volume of 4,985,448. The stock's fifty day moving average price is $34.48 and its 200-day moving average price is $32.42. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm has a market cap of $18.67 billion, a price-to-earnings ratio of -56.84, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the previous year, the company posted $1.13 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is currently -157.38%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company's stock.

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.