Charles Schwab Investment Management Inc. Has $61.65 Million Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Corebridge Financial, acquiring a total of 1.95 million shares valued at approximately $61.65 million.
• Corebridge Financial has recently reported quarterly earnings with $1.36 EPS, surpassing the consensus estimate of $1.15, despite a negative net margin of -1.80%.
• The company declared a quarterly dividend of $0.24, set to be paid on September 30th, with a notable payout ratio of -157.38%.

Charles Schwab Investment Management Inc. grew its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,952,708 shares of the company's stock after acquiring an additional 21,100 shares during the period. Charles Schwab Investment Management Inc. owned 0.35% of Corebridge Financial worth $61,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of CRBG. MetLife Investment Management LLC grew its position in shares of Corebridge Financial by 16.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after buying an additional 715 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after buying an additional 748 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $30,000. Cerity Partners LLC boosted its holdings in shares of Corebridge Financial by 4.6% in the fourth quarter. Cerity Partners LLC now owns 22,596 shares of the company's stock valued at $675,000 after buying an additional 1,001 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Corebridge Financial by 0.4% in the first quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock worth $9,703,000 after purchasing an additional 1,215 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Corebridge Financial Stock Performance

Shares of CRBG traded up $0.11 during trading hours on Tuesday, hitting $34.22. The company had a trading volume of 812,795 shares, compared to its average volume of 3,308,403. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market cap of $18.43 billion, a price-to-earnings ratio of -56.07, a PEG ratio of 0.57 and a beta of 1.06. The business has a fifty day moving average of $34.30 and a 200-day moving average of $32.37. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period last year, the firm earned $1.13 earnings per share. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.