Corient Private Wealth LP Purchases Shares of 72,611 Corebridge Financial, Inc. $CRBG

Key Points

• Corient Private Wealth acquired 72,611 shares of Corebridge Financial during the second quarter, valued at approximately $2.1 million. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, beating estimates of $1.08, though revenue of $4.30 billion fell short of the $4.66 billion consensus forecast. The company declared a quarterly dividend of $0.25, equal to a 3.0% annual yield.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $37.42 versus the stock’s reported $33.52 price. Meanwhile, insiders sold 24,409 shares worth about $806,000 over the past three months.

Corient Private Wealth LP acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 72,611 shares of the company's stock, valued at approximately $2,079,000.

Several other institutional investors have also recently modified their holdings of CRBG. Rothschild Investment LLC boosted its position in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in Corebridge Financial in the 2nd quarter worth approximately $27,000. Sonoma Allocations LLC purchased a new position in Corebridge Financial during the 1st quarter worth approximately $30,000. Allworth Financial LP purchased a new position in Corebridge Financial during the 2nd quarter worth approximately $41,000. Finally, Versant Capital Management Inc lifted its stake in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after acquiring an additional 1,484 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 4.2%

Shares of CRBG stock opened at $33.52 on Thursday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $34.81. The stock has a market cap of $14.94 billion, a P/E ratio of 19.60, a P/E/G ratio of 0.41 and a beta of 1.08. The stock has a 50 day moving average of $31.68 and a 200 day moving average of $28.34. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the firm posted $1.36 EPS. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's payout ratio is currently 58.48%.

Insiders Place Their Bets

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company's stock, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares of the company's stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,409 shares of company stock worth $805,626 over the last three months. 0.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CRBG shares. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. lowered their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a report on Tuesday, May 12th. Finally, TD Cowen increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average price target of $37.42.

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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