Bank of New York Mellon Corp Takes Position in Corebridge Financial, Inc. $CRBG

Key Points

• Bank of New York Mellon acquired 1.61 million Corebridge Financial shares worth approximately $46.0 million, while institutional investors collectively own 98.25% of the company.
• Analysts maintain a “Moderate Buy” consensus, with nine Buy ratings and six Holds and an average price target of $37.42, above the stock’s reported $32.60 price.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates, and declared a quarterly dividend of $0.25 per share, representing a 3.1% annualized yield.

Bank of New York Mellon Corp purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,607,692 shares of the company's stock, valued at approximately $46,028,000. Bank of New York Mellon Corp owned about 0.36% of Corebridge Financial at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. State of Michigan Retirement System purchased a new position in Corebridge Financial in the 4th quarter worth approximately $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in Corebridge Financial in the 4th quarter valued at approximately $5,358,000. Vanguard Group Inc. boosted its stake in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock valued at $818,906,000 after purchasing an additional 311,133 shares during the last quarter. New York State Teachers Retirement System purchased a new stake in Corebridge Financial during the 4th quarter valued at $2,072,000. Finally, State of Wyoming bought a new stake in shares of Corebridge Financial in the 2nd quarter worth $899,000. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

CRBG has been the subject of several recent analyst reports. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. UBS Group increased their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Jefferies Financial Group lifted their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Piper Sandler boosted their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Finally, Mizuho upped their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $37.42.

Insider Activity

In related news, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the transaction, the insider owned 111,153 shares of the company's stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the sale, the executive vice president owned 46,473 shares of the company's stock, valued at $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 24,409 shares of company stock valued at $805,626 in the last ninety days. Insiders own 0.32% of the company's stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $32.60 on Friday. The stock has a market capitalization of $14.53 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The business's fifty day moving average price is $31.36 and its 200-day moving average price is $28.29.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $4.66 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's payout ratio is currently 58.48%.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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