Cresset Asset Management LLC Invests $232,000 in Corebridge Financial, Inc. $CRBG

Key Points

• Cresset Asset Management LLC has acquired a new position in Corebridge Financial, purchasing 7,354 shares valued at approximately $232,000.
• Major shareholder International Group American sold 30 million shares of Corebridge Financial stock, resulting in a 26.34% decrease in their position.
• Corebridge Financial's stock received several analyst upgrades, with a current average rating of "Moderate Buy" and a consensus target price of $40.70.

Cresset Asset Management LLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,354 shares of the company's stock, valued at approximately $232,000.

A number of other large investors have also bought and sold shares of CRBG. MetLife Investment Management LLC increased its stake in shares of Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after buying an additional 715 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after buying an additional 748 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $30,000. Rhumbline Advisers increased its stake in shares of Corebridge Financial by 0.4% during the first quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock valued at $9,703,000 after buying an additional 1,215 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of Corebridge Financial by 3.4% during the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company's stock valued at $1,251,000 after buying an additional 1,287 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

CRBG has been the topic of several research analyst reports. BMO Capital Markets boosted their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Barclays boosted their target price on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial Stock Down 0.4%

CRBG stock traded down $0.13 during midday trading on Monday, hitting $34.77. The stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,790,795. The firm has a market cap of $18.72 billion, a price-to-earnings ratio of -56.99, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06. The business has a 50-day moving average of $34.71 and a two-hundred day moving average of $32.49. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. 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 (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share 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 company had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the prior year, the firm earned $1.13 earnings per share. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share 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. Stockholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is currently -157.38%.

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.