OMERS ADMINISTRATION Corp Boosts Stake in Corebridge Financial, Inc. $CRBG

Key Points

• OMERS ADMINISTRATION Corp significantly increased its stake in Corebridge Financial, acquiring an additional 49,702 shares and raising its total ownership to 60,342 shares worth approximately $1.9 million.
• Corebridge Financial reported $1.36 EPS for the last quarter, exceeding analysts' expectations of $1.15, with total revenues of $4.42 billion.
• The company announced a quarterly dividend of $0.24 per share, representing a 2.8% annual yield, despite a negative payout ratio of -157.38%.

OMERS ADMINISTRATION Corp lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 467.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,342 shares of the company's stock after buying an additional 49,702 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Corebridge Financial were worth $1,905,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock worth $765,571,000 after buying an additional 324,692 shares during the last quarter. Pzena Investment Management LLC raised its holdings in Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares during the period. Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after purchasing an additional 372,270 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Corebridge Financial by 34.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after purchasing an additional 1,235,796 shares during the period. Finally, LSV Asset Management raised its holdings in Corebridge Financial by 51.3% in the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after purchasing an additional 1,470,812 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial 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 of the company's stock, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

Corebridge Financial Stock Down 1.3%

CRBG traded down $0.43 on Thursday, hitting $33.91. 1,294,988 shares of the company were exchanged, compared to its average volume of 3,258,032. 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 $18.26 billion, a price-to-earnings ratio of -55.56, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06. 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 50-day moving average price of $34.76 and a two-hundred day moving average price of $32.51.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the previous year, the firm posted $1.13 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

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 issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is -157.38%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Barclays raised their target price on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. BMO Capital Markets raised their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. raised their price target on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price target for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average target price of $40.70.

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.