Corebridge Financial, Inc. $CRBG Shares Bought by Amundi

Key Points

• Amundi increased its Corebridge Financial stake by 50.1% in the first quarter, acquiring 1.78 million additional shares for a total holding of 5.33 million shares worth approximately $127.2 million. Institutional investors now own 98.25% of the company.
• Analyst sentiment remains favorable: Corebridge has a “Moderate Buy” consensus rating, with nine Buy and six Hold ratings and an average price target of $36.75.
• Corebridge reported quarterly EPS of $1.05, slightly below estimates, while revenue of $4.08 billion fell short of expectations. The company paid a quarterly dividend of $0.25, representing a 3.2% yield.

Amundi raised its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 50.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,332,396 shares of the company's stock after purchasing an additional 1,780,452 shares during the quarter. Amundi owned about 1.17% of Corebridge Financial worth $127,231,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CRBG. Goldman Sachs Group Inc. grew its position in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock valued at $41,042,000 after buying an additional 905,918 shares in the last quarter. Focus Partners Wealth bought a new position in Corebridge Financial during the first quarter valued at about $384,000. Creative Planning bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $243,000. EverSource Wealth Advisors LLC boosted its holdings in Corebridge Financial by 58.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company's stock worth $162,000 after buying an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company's stock worth $3,286,000 after acquiring an additional 36,239 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Insider Buying and Selling at Corebridge Financial

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

Analyst Ratings Changes

A number of research firms have recently issued reports on CRBG. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Weiss Ratings downgraded Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, May 26th. Barclays upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, Piper Sandler raised their price objective on Corebridge Financial from $31.00 to $36.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $36.75.

Corebridge Financial Trading Down 2.4%

CRBG opened at $31.20 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. The company has a market cap of $13.91 billion, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 0.40 and a beta of 1.10. The firm has a 50 day simple moving average of $29.34 and a 200 day simple moving average of $27.97. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results 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 net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period last year, the company earned $1.16 EPS. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Announces Dividend

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

Corebridge Financial Company 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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