Asset Management One Co. Ltd. Purchases 54,196 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Asset Management One increased its Corebridge Financial stake by 51.4% in the third quarter, purchasing 54,196 shares to bring its total holdings to 159,644 shares valued at approximately $5.3 million.
• Institutional investors own 98.25% of Corebridge Financial, with major new positions from Pzena Investment Management and BlackRock. An insider, Nippon Life Insurance, also acquired 805,782 shares.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and a $39 price target. The company recently reported adjusted earnings of $1.12 per share and pays a quarterly dividend of $0.25, yielding about 2.9%.

Asset Management One Co. Ltd. boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 51.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 159,644 shares of the company's stock after buying an additional 54,196 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Corebridge Financial were worth $5,287,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Pzena Investment Management LLC acquired a new position in Corebridge Financial during the second quarter valued at approximately $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $726,494,000. Dimensional Fund Advisors LP increased its holdings in Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. bought a new position in Corebridge Financial during the second quarter worth about $168,134,000. Finally, Davis Asset Management L.P. bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $166,054,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CRBG shares. Mizuho increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 7th. UBS Group raised their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 6th. Wells Fargo & Company lifted their target price on Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Barclays increased their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. Finally, Piper Sandler boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, October 12th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Insider Buying and Selling

In related news, major shareholder Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock in a transaction dated Monday, September 28th. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $27,517,455.30. Following the completion of the transaction, the insider directly owned 125,579,654 shares of the company's stock, valued at $4,288,545,184.10. The trade was a 0.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last quarter, insiders have acquired 9,708,897 shares of company stock valued at $333,608,695 and have sold 28,895 shares valued at $983,886. Corporate insiders own 0.32% of the company's stock.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $34.79 on Monday. The company has a market capitalization of $15.51 billion, a P/E ratio of 20.35, a P/E/G ratio of 0.50 and a beta of 1.05. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.00. The business has a 50 day moving average of $34.12 and a 200-day moving average of $29.84. 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 issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same period last year, the company earned $1.36 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio is currently 58.48%.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

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