40,696 Shares in Corebridge Financial, Inc. $CRBG Purchased by New Century Financial Group LLC

Key Points

• New Century Financial Group LLC acquired 40,696 shares of Corebridge Financial, valued at approximately $1.45 million, making it the 16th largest position in their portfolio.
• Corebridge Financial reported a quarterly EPS of $1.36, exceeding analysts' estimates, but its revenue of $4.42 billion fell short of expectations.
• Analysts maintain a consensus rating of "Moderate Buy" for Corebridge Financial with a target price of $40.80, indicating positive growth expectations.

New Century Financial Group LLC bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 40,696 shares of the company's stock, valued at approximately $1,445,000. Corebridge Financial comprises approximately 1.7% of New Century Financial Group LLC's portfolio, making the stock its 16th biggest position.

Several other large investors also recently modified their holdings of CRBG. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after purchasing an additional 324,692 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after acquiring an additional 2,780,764 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after acquiring an additional 3,412,147 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Corebridge Financial by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after acquiring an additional 372,270 shares during the period. Finally, LSV Asset Management grew its position in shares of Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the transaction, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays cut their target price on Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, September 5th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. increased their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Piper Sandler boosted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $32.55 on Friday. The company has a market capitalization of $17.52 billion, a price-to-earnings ratio of -53.35, a PEG ratio of 0.55 and a beta of 1.02. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The business has a 50 day moving average of $33.83 and a 200 day moving average of $32.55. The company has a debt-to-equity ratio of 0.86, 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 Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period in the previous year, the firm earned $1.13 EPS. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.9%. Corebridge Financial's dividend payout ratio is presently -157.38%.

About Corebridge Financial

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.

Want to see what other hedge funds are holding CRBG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corebridge Financial, Inc. (NYSE:CRBG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.