328,849 Shares in Corebridge Financial, Inc. $CRBG Bought by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 328,849 Corebridge Financial shares worth approximately $9.4 million, while institutional investors collectively own 98.25% of the company.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $37.42, above the stock’s reported price of $32.60.
• Corebridge exceeded quarterly EPS expectations ($1.12 versus $1.08) and declared a $0.25 quarterly dividend, equating to a 3.1% yield; however, insiders sold 24,409 shares over the past three months.

Canada Pension Plan Investment Board acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 328,849 shares of the company's stock, valued at approximately $9,415,000. Canada Pension Plan Investment Board owned about 0.07% of Corebridge Financial at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CRBG. Rothschild Investment LLC increased its position in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new position in Corebridge Financial during the second quarter valued at about $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial during the first quarter valued at about $30,000. Allworth Financial LP purchased a new stake in Corebridge Financial during the second quarter worth about $41,000. Finally, Versant Capital Management Inc increased its holdings in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after buying an additional 1,484 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRBG shares. Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Barclays raised their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Mizuho upped their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.42.

Corebridge Financial Stock Performance

NYSE CRBG opened at $32.60 on Friday. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.01. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $14.53 billion, a PE ratio of 19.06, a P/E/G ratio of 0.42 and a beta of 1.08. The company's 50 day simple moving average is $31.43 and its two-hundred day simple moving average is $28.32.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates 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 in the previous year, the business earned $1.36 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.57 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.1%. Corebridge Financial's dividend payout ratio (DPR) is currently 58.48%.

Insider Buying and Selling at Corebridge Financial

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction 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. The trade was a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the company'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 in the company, valued at $3,779,202. This represents a 10.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,409 shares of company stock valued at $805,626 in the last three months. 0.32% of the stock is owned by corporate insiders.

Corebridge Financial Company Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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