Royal Bank of Canada Acquires 249,125 Shares of Corebridge Financial, Inc. $CRBG

Royal Bank of Canada lifted its position 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 13F filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after acquiring an additional 324,692 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after buying an additional 3,412,147 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Corebridge Financial by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after acquiring an additional 372,270 shares during the last quarter. LSV Asset Management raised its position in shares of Corebridge Financial by 51.3% during the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after acquiring an additional 1,470,812 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Corebridge Financial by 8.6% during the first quarter. Wellington Management Group LLP now owns 4,027,184 shares of the company's stock worth $127,138,000 after acquiring an additional 319,224 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of CRBG traded down $0.52 during mid-day trading on Friday, hitting $33.36. The stock had a trading volume of 4,129,732 shares, compared to its average volume of 2,645,093. The firm has a market cap of $17.96 billion, a P/E ratio of -54.68, a PEG ratio of 0.57 and a beta of 1.06. The business has a fifty day moving average price of $34.48 and a 200-day moving average price of $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. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the company posted $1.13 earnings per share. On average, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Insider Activity

In related news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Piper Sandler raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, BMO Capital Markets raised their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $40.80.

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.