1,983,495 Shares in Corebridge Financial, Inc. $CRBG Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 1.98 million Corebridge Financial shares worth approximately $56.8 million during the second quarter, giving it a 0.44% stake. Institutional investors collectively own 98.25% of the company.
• Analysts maintain a favorable outlook, with nine Buy ratings and six Holds producing a consensus “Moderate Buy” rating and a $37.42 price target. Corebridge recently beat quarterly EPS expectations, reporting $1.12 versus the $1.08 consensus.
• Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield. The stock recently traded at $34.89, near its 52-week high of $35.64.

Bank of America Corp DE purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,983,495 shares of the company's stock, valued at approximately $56,787,000. Bank of America Corp DE owned about 0.44% of Corebridge Financial at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Rothschild Investment LLC raised its stake in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial in the 2nd quarter worth about $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial in the 1st quarter worth about $30,000. Allworth Financial LP purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $41,000. Finally, Versant Capital Management Inc raised its position in shares of Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after buying an additional 1,484 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent research reports. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Barclays lifted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. UBS Group boosted their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Mizuho raised their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Finally, Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.42.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $34.89 on Monday. The company has a market capitalization of $15.55 billion, a PE ratio of 20.40, a P/E/G ratio of 0.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company has a 50-day simple moving average of $32.88 and a two-hundred day simple moving average of $28.82. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period last year, the firm earned $1.36 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's payout ratio is 58.48%.

Insider Activity at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president directly owned 46,473 shares in the company, valued at $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company's stock, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have bought 1,140,421 shares of company stock valued at $39,542,908 and have sold 33,145 shares valued at $1,111,386. 0.32% of the stock is owned by insiders.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.

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