Credit Agricole S A Purchases 93,851 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Credit Agricole S A increased its stake in Corebridge Financial, boosting its ownership by 20.7% to approximately 0.10% of the company, valued at $17.27 million.
• Corebridge Financial received positive ratings from several analysts, with price targets raised to an average of $40.70 and a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.24 per share, resulting in an annualized yield of 2.8%.

Credit Agricole S A boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 20.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 547,045 shares of the company's stock after buying an additional 93,851 shares during the quarter. Credit Agricole S A owned approximately 0.10% of Corebridge Financial worth $17,270,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group boosted its holdings in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Corebridge Financial by 16.0% in the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after acquiring an additional 715 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in 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 acquiring an additional 748 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Corebridge Financial in the fourth quarter valued at $30,000. Finally, Rhumbline Advisers boosted its holdings in Corebridge Financial by 0.4% in the first quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock valued at $9,703,000 after acquiring an additional 1,215 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CRBG shares. Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Barclays lifted their price target on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Morgan Stanley raised their price objective on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Finally, JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company 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 assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.70.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction 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. The trade was a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company's stock.

Corebridge Financial Stock Down 0.7%

Corebridge Financial stock traded down $0.2550 on Monday, hitting $34.7150. 1,056,366 shares of the stock traded hands, compared to its average volume of 3,309,596. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The business's fifty day simple moving average is $34.43 and its 200 day simple moving average is $32.41. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm has a market cap of $18.69 billion, a P/E ratio of -56.88, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share 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 analyst estimates of $4.85 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial's payout ratio 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.