BlackRock Inc. Invests $726.49 Million in Corebridge Financial, Inc. $CRBG

Key Points

• BlackRock acquired a new 5.69% stake in Corebridge Financial during the second quarter, purchasing 25.4 million shares valued at approximately $726.5 million. Institutional investors now own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, exceeding the $1.08 consensus estimate, although revenue of $4.30 billion fell short of expectations. The company declared a quarterly dividend of $0.25 per share, yielding about 3.1% annually.
• Analyst sentiment remains positive, with nine Buy ratings and six Holds and a consensus price target of $37.42, above the stock’s reported opening price of $31.91. Insiders sold 24,409 shares worth $805,626 over the past three months.

BlackRock Inc. acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,375,258 shares of the company's stock, valued at approximately $726,494,000. BlackRock Inc. owned 5.69% of Corebridge Financial as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in Corebridge Financial during the 4th quarter worth about $611,550,000. State Street Corp grew its stake in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. Pzena Investment Management LLC grew its stake in Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after purchasing an additional 3,413,384 shares during the period. AQR Capital Management LLC increased its holdings in Corebridge Financial by 91.5% in the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock worth $178,340,000 after purchasing an additional 2,823,801 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Insider Activity 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 value of $256,049.70. Following the completion of the sale, the executive vice president directly owned 46,473 shares of the company's stock, valued at $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. This represents a 10.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 24,409 shares of company stock valued at $805,626. Company insiders own 0.32% of the company's stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $31.91 on Friday. The firm has a market capitalization of $14.22 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 0.41 and a beta of 1.08. The firm has a fifty day simple moving average of $31.13 and a two-hundred day simple moving average of $28.26. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.22.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the company posted $1.36 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRBG. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. decreased their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research note on Tuesday, May 12th. Piper Sandler upped their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Finally, Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday. Nine investment 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, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $37.42.

Corebridge Financial Profile

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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