45,467 Shares in Corebridge Financial, Inc. $CRBG Purchased by Nykredit A S

Key Points

• Nykredit A S purchased 45,467 shares of Corebridge Financial in the second quarter, valued at approximately $1.3 million. Institutional investors and hedge funds collectively own 98.25% of the company.
• Analysts remain broadly positive, with nine Buy ratings and six Holds; Corebridge has a “Moderate Buy” consensus rating and an average price target of $37.42.
• Corebridge reported quarterly EPS of $1.12, topping estimates of $1.08, and declared a $0.25 quarterly dividend, equivalent to a 3.0% annualized yield.

Nykredit A S bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 45,467 shares of the company's stock, valued at approximately $1,302,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Rothschild Investment LLC grew its holdings in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after acquiring an additional 520 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in shares of Corebridge Financial during the second quarter valued at $27,000. Sonoma Allocations LLC acquired a new stake in Corebridge Financial in the first quarter worth about $30,000. Allworth Financial LP acquired a new stake in Corebridge Financial in the second quarter worth about $41,000. Finally, Versant Capital Management Inc grew 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 worth $46,000 after buying an additional 1,484 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRBG shares. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Barclays boosted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, Jefferies Financial Group raised their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $37.42.

Insider Buying and Selling at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, the executive vice president owned 46,473 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Life Insurance Co Nippon bought 320,785 shares of the company's stock in a transaction dated Wednesday, September 16th. The shares were purchased at an average cost of $35.02 per share, with a total value of $11,233,890.70. Following the acquisition, the insider directly owned 123,301,092 shares of the company's stock, valued at approximately $4,318,004,241.84. This represents a 0.26% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 1,446,514 shares of company stock worth $50,275,355 and have sold 33,145 shares worth $1,111,386. Corporate insiders own 0.32% of the company's stock.

Corebridge Financial Stock Down 2.9%

CRBG stock opened at $33.79 on Wednesday. The company has a market cap of $15.06 billion, a price-to-earnings ratio of 19.76, a P/E/G ratio of 0.45 and a beta of 1.08. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64. The business has a 50 day moving average price of $33.02 and a two-hundred day moving average price of $28.94. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS 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. Stockholders of record on Wednesday, September 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Corebridge Financial 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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