Dynamic Technology Lab Private Ltd Makes New $1.26 Million Investment in Corebridge Financial, Inc. $CRBG

Key Points

• Dynamic Technology Lab Private Ltd has acquired 39,814 shares of Corebridge Financial, Inc., valued at approximately $1,257,000, as stated in their latest SEC filing.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, with a dividend yield of 2.9%, indicating a challenging payout ratio of -157.38%.
• Analysts have upgraded Corebridge Financial's stock outlook, with price targets ranging from $39.00 to $42.00, reflecting a consensus rating of "Moderate Buy."

Dynamic Technology Lab Private Ltd acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 39,814 shares of the company's stock, valued at approximately $1,257,000.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in shares of Corebridge Financial by 14.7% during the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after purchasing an additional 172,475 shares during the period. Envestnet Asset Management Inc. raised its position in Corebridge Financial by 227.6% in the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after acquiring an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. raised its position in Corebridge Financial by 1,178.9% in the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after acquiring an additional 23,401 shares in the last quarter. Truist Financial Corp raised its position in Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after acquiring an additional 1,499,733 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new position in Corebridge Financial in the first quarter worth $832,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Corebridge Financial stock traded down $0.35 during midday trading on Friday, reaching $33.53. 1,250,093 shares of the company were exchanged, compared to its average volume of 3,259,322. The company has a market capitalization of $18.06 billion, a price-to-earnings ratio of -54.96, a P/E/G ratio of 0.56 and a beta of 1.06. The firm's 50-day simple moving average is $34.53 and its 200-day simple moving average is $32.53. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current 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 (EPS) for the quarter, topping analysts' consensus estimates 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 last year, the company earned $1.13 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

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 paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on CRBG shares. Wells Fargo & Company increased their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Barclays dropped their price target on Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Friday, September 5th. Morgan Stanley raised their price target on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Finally, Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $40.80.

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.