Royal Bank of Canada Has $23.03 Million Holdings in Corebridge Financial, Inc. $CRBG

Royal Bank of Canada increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 51.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 729,563 shares of the company's stock after acquiring an additional 249,125 shares during the quarter. Royal Bank of Canada owned approximately 0.13% of Corebridge Financial worth $23,032,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial during the fourth quarter worth about $30,000. Brooklyn Investment Group raised its stake in Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its stake in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares during the period. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial during the first quarter worth about $75,000. Finally, SVB Wealth LLC acquired a new stake in Corebridge Financial during the first quarter worth about $85,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.25 during midday trading on Friday, reaching $33.64. The stock had a trading volume of 933,544 shares, compared to its average volume of 3,257,830. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The firm's fifty day simple moving average is $34.53 and its 200-day simple moving average is $32.53. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $18.11 billion, a P/E ratio of -55.16, a PEG ratio of 0.56 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results 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 business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business posted $1.13 EPS. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business 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. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's payout ratio is currently -157.38%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRBG. JPMorgan Chase & Co. increased their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Piper Sandler raised their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and increased their target price for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Barclays cut their target price on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business'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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company's stock.

About Corebridge Financial

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.