Cookson Peirce & Co. Inc. Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Cookson Peirce & Co. Inc. increased its stake in Corebridge Financial by 3.4% during Q1, now holding 871,346 shares worth approximately $27.5 million.
• Several institutional investors also raised their stakes in Corebridge, with Fjarde AP Fonden Fourth Swedish National Pension Fund increasing its position by 29.5% and Westpac Banking Corp by 343.5% in the same quarter.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, representing an annual yield of 2.8%, with a payout ratio of -157.38%.

Cookson Peirce & Co. Inc. raised its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 3.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 871,346 shares of the company's stock after purchasing an additional 28,838 shares during the quarter. Corebridge Financial accounts for approximately 1.4% of Cookson Peirce & Co. Inc.'s holdings, making the stock its 24th biggest holding. Cookson Peirce & Co. Inc. owned approximately 0.16% of Corebridge Financial worth $27,508,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Corebridge Financial by 29.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 51,300 shares of the company's stock worth $1,620,000 after purchasing an additional 11,700 shares during the period. Westpac Banking Corp raised its position in Corebridge Financial by 343.5% in the 1st quarter. Westpac Banking Corp now owns 44,225 shares of the company's stock worth $1,396,000 after purchasing an additional 34,253 shares during the period. HighTower Advisors LLC purchased a new stake in Corebridge Financial in the 1st quarter worth about $218,000. Nuveen LLC purchased a new stake in Corebridge Financial in the 1st quarter worth about $100,404,000. Finally, Invesco Ltd. raised its position in Corebridge Financial by 2.0% in the 1st quarter. Invesco Ltd. now owns 734,025 shares of the company's stock worth $23,173,000 after purchasing an additional 14,673 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on CRBG shares. Piper Sandler increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Morgan Stanley upped their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their target price for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Wells Fargo & Company upped their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Insiders Place Their Bets

In other Corebridge Financial 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 completion of the sale, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

NYSE CRBG opened at $34.17 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm's 50 day moving average price is $34.24 and its 200-day moving average price is $32.38. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a market cap of $18.40 billion, a PE ratio of -56.02, a P/E/G ratio of 0.55 and a beta of 1.06.

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

Corebridge Financial Announces Dividend

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

Corebridge Financial 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.

Want to see what other hedge funds are holding CRBG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corebridge Financial, Inc. (NYSE:CRBG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.