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 shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,313 shares of the company's stock, valued at approximately $325,000.

Other institutional investors have also recently bought and sold shares of the company. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial during the 4th quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in Corebridge Financial by 80.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares during the period. Quarry LP acquired a new stake in Corebridge Financial during the 4th quarter worth $63,000. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial during the 1st quarter worth $75,000. Finally, MetLife Investment Management LLC grew its holdings in Corebridge Financial by 16.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after acquiring an additional 715 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CRBG. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Barclays boosted their price target on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.70.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is owned by company insiders.

Corebridge Financial Stock Up 2.4%

CRBG traded up $0.8040 during trading on Friday, hitting $34.9140. The company had a trading volume of 2,729,442 shares, compared to its average volume of 4,940,197. The firm's 50-day moving average price is $34.43 and its 200 day moving average price is $32.42. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company has a market capitalization of $18.80 billion, a PE ratio of -57.24, a PEG ratio of 0.58 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the previous year, the firm posted $1.13 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.7%. Corebridge Financial's payout ratio is -157.38%.

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.