California Public Employees Retirement System Raises Stock Holdings in Corebridge Financial, Inc. $CRBG

California Public Employees Retirement System lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 11.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 555,559 shares of the company's stock after buying an additional 55,130 shares during the quarter. California Public Employees Retirement System owned approximately 0.12% of Corebridge Financial worth $13,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Salomon & Ludwin LLC raised its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its stake in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares during the period. Clearstead Advisors LLC grew its holdings in Corebridge Financial by 143.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company's stock worth $50,000 after buying an additional 983 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Corebridge Financial by 98.8% in the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company's stock worth $54,000 after purchasing an additional 893 shares in the last quarter. Finally, Key Capital Management INC bought a new stake in Corebridge Financial during the fourth quarter worth approximately $56,000. 98.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider David Ditillo sold 4,250 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the sale, the insider owned 128,153 shares in the company, valued at approximately $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by insiders.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $31.28 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The firm has a fifty day moving average price of $28.90 and a 200-day moving average price of $27.94. The stock has a market cap of $13.95 billion, a PE ratio of 56.88, a price-to-earnings-growth ratio of 0.38 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period last year, the company earned $1.16 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial's dividend payout ratio is presently 181.82%.

Analysts Set New Price Targets

CRBG has been the subject of a number of research reports. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Bank of America cut their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, April 14th. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Finally, Barclays raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target of $36.75.

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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