Bruni J V & Co. Co. Takes Position in Corebridge Financial, Inc. $CRBG

Key Points

• Bruni J V & Co. Co. acquired 1,010,345 Corebridge Financial shares in the second quarter, reportedly valued at approximately $28.9 million, representing 2.6% of its portfolio and about 0.23% of CRBG’s outstanding stock.
• Institutional investors and hedge funds own 98.25% of Corebridge Financial, while insider ownership is 0.32%; insider David Ditillo separately sold 12,414 shares for $422,076 under a Rule 10b5-1 plan.
• Corebridge beat quarterly EPS estimates ($1.12 versus $1.08) and declared a $0.25 quarterly dividend, equivalent to a 3.0% annual yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.17.

Bruni J V & Co. Co. bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,010,345 shares of the company's stock, valued at approximately $28,926,177,000. Corebridge Financial accounts for 2.6% of Bruni J V & Co. Co.'s investment portfolio, making the stock its 17th largest holding. Bruni J V & Co. Co. owned about 0.23% of Corebridge Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRBG. Bank of Nova Scotia increased its stake in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after buying an additional 340 shares during the period. Integrated Wealth Concepts LLC lifted its stake in Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock worth $494,000 after acquiring an additional 383 shares during the last quarter. Van ECK Associates Corp lifted its stake in Corebridge Financial by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 4,684 shares of the company's stock worth $141,000 after acquiring an additional 435 shares during the last quarter. Empowered Funds LLC grew its holdings in Corebridge Financial by 7.1% during the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company's stock worth $212,000 after acquiring an additional 465 shares in the last quarter. Finally, Assetmark Inc. grew its holdings in Corebridge Financial by 35.0% during the 4th quarter. Assetmark Inc. now owns 1,877 shares of the company's stock worth $57,000 after acquiring an additional 487 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the company's stock in a transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by corporate insiders.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $33.17 on Wednesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.22. The firm's 50 day moving average is $30.89 and its two-hundred day moving average is $28.22. The firm has a market capitalization of $14.78 billion, a P/E ratio of 19.40, a P/E/G ratio of 0.44 and a beta of 1.08.

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 the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the previous year, the firm earned $1.36 EPS. Research analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. Corebridge Financial's payout ratio is 58.48%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Piper Sandler increased their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Mizuho raised their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Finally, Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.17.

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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