Caisse DE Depot ET Placement DU Quebec Purchases New Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Caisse DE Depot ET Placement DU Quebec has acquired 51,300 shares of Corebridge Financial, valued at approximately $1.62 million, indicating growing institutional interest in the company.
• Corebridge Financial's major shareholder, International Group American, sold 30 million shares worth over $1 billion, representing a significant reduction in their ownership stake.
• The company announced a quarterly dividend of $0.24 per share, translating to an annual yield of 2.8%, despite a high dividend payout ratio of -157.38%.

Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 51,300 shares of the company's stock, valued at approximately $1,620,000.

Other institutional investors have also modified their holdings of the company. Brooklyn Investment Group grew its position in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares in the last quarter. MetLife Investment Management LLC increased its position in Corebridge Financial by 16.0% in the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after buying an additional 715 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after purchasing an additional 748 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial during the fourth quarter valued at $30,000. Finally, Rhumbline Advisers grew its holdings in Corebridge Financial by 0.4% during the first quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock worth $9,703,000 after acquiring an additional 1,215 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Down 1.0%

NYSE CRBG traded down $0.36 on Wednesday, reaching $34.10. The company had a trading volume of 780,677 shares, compared to its average volume of 3,264,979. The stock's 50 day moving average is $34.73 and its 200-day moving average is $32.50. The stock has a market cap of $18.36 billion, a price-to-earnings ratio of -55.88, a PEG ratio of 0.59 and a beta of 1.06. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the prior year, the company posted $1.13 earnings per share. Equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. BMO Capital Markets increased their price target on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Wells Fargo & Company raised their price objective on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Morgan Stanley lifted their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Barclays lifted their price objective on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Company Profile

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.