Chemistry Wealth Management LLC Invests $279,000 in Corebridge Financial, Inc. $CRBG

Key Points

• Chemistry Wealth Management LLC acquired $279,000 worth of shares in Corebridge Financial, indicating increasing institutional interest in the company.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.9% despite a negative payout ratio.
• Analysts have set a new average price target of $40.80 for Corebridge Financial, with the stock receiving a "Moderate Buy" rating from multiple brokerages.

Chemistry Wealth Management LLC acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 7,868 shares of the company's stock, valued at approximately $279,000.

A number of other large investors have also recently added to or reduced their stakes in CRBG. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 73.6% in the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after acquiring an additional 3,412,147 shares during the last quarter. Nuveen LLC acquired a new stake in Corebridge Financial during the 1st quarter worth approximately $100,404,000. AQR Capital Management LLC lifted its holdings in shares of Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after buying an additional 2,780,764 shares in the last quarter. Truist Financial Corp raised its stake in Corebridge Financial by 2,686.2% in the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after buying an additional 1,470,812 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. BMO Capital Markets boosted their target price on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their price target on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $0.33 during mid-day trading on Friday, hitting $32.86. 1,046,874 shares of the stock traded hands, compared to its average volume of 3,287,774. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a market cap of $17.69 billion, a PE ratio of -53.86, a price-to-earnings-growth ratio of 0.53 and a beta of 1.06. The firm has a 50 day simple moving average of $34.26 and a two-hundred day simple moving average of $32.48.

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

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company'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 completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

Corebridge Financial Company Profile

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.