388,050 Shares in Corebridge Financial, Inc. $CRBG Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems purchased 388,050 Corebridge Financial shares worth approximately $11.1 million, while institutional investors collectively own 98.25% of the company.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $37.42; several firms recently raised their targets.
• Corebridge reported quarterly EPS of $1.12, beating estimates, and declared a $0.25 quarterly dividend, equivalent to a 3.0% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 388,050 shares of the company's stock, valued at approximately $11,110,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Corebridge Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Pzena Investment Management LLC acquired a new position in Corebridge Financial in the second quarter worth approximately $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial in the second quarter worth $726,494,000. Norges Bank bought a new stake in shares of Corebridge Financial during the 4th quarter worth $611,550,000. California State Teachers Retirement System grew its stake in Corebridge Financial by 1,961.1% in the 2nd quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company's stock valued at $299,143,000 after buying an additional 9,941,626 shares during the last quarter. Finally, Donald Smith & CO. Inc. acquired a new position in Corebridge Financial in the 2nd quarter valued at $168,134,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRBG shares. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. Mizuho increased their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Finally, Barclays lifted their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.42.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction 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 trade represents a 10.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the sale, the executive vice president 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 disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 24,409 shares of company stock worth $805,626. Corporate insiders own 0.32% of the company's stock.

Corebridge Financial Stock Down 2.1%

Shares of CRBG stock opened at $33.76 on Wednesday. The stock has a market cap of $15.05 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $34.82. The stock has a fifty day moving average price of $32.14 and a 200 day moving average price of $28.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's payout ratio is presently 58.48%.

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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