93,500 Shares in Corebridge Financial, Inc. $CRBG Purchased by Mn Services Vermogensbeheer B.V.

Key Points

• Mn Services Vermogensbeheer B.V. recently acquired 93,500 shares of Corebridge Financial, valued at approximately $3.3 million, indicating institutional interest in the company.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.9%, reflecting the company's commitment to returning value to shareholders.
• Major shareholder International Group American sold 30 million shares for over $1 billion, reducing their stake by 26.34%, which raises questions about insider confidence in the company's future.

Mn Services Vermogensbeheer B.V. purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 93,500 shares of the company's stock, valued at approximately $3,319,000.

Other hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial during the 4th quarter worth about $30,000. Brooklyn Investment Group raised its holdings in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at about $75,000. SVB Wealth LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at about $85,000. Finally, Headlands Technologies LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at about $156,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $32.75 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $17.63 billion, a P/E ratio of -53.68, a PEG ratio of 0.55 and a beta of 1.06. The company has a 50 day moving average price of $34.22 and a 200 day moving average price of $32.48. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

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

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CRBG has been the subject of a number of recent research reports. Piper Sandler increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Barclays cut their price objective on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, September 5th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $40.80.

Corebridge Financial 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.

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