Dynamic Technology Lab Private Ltd Invests $1.26 Million 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) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 39,814 shares of the company's stock, valued at approximately $1,257,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CRBG. Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 73.6% in the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares during the last quarter. Nuveen LLC acquired a new position in shares of Corebridge Financial in the first quarter valued at $100,404,000. AQR Capital Management LLC increased its holdings in shares of Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after purchasing an additional 2,780,764 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after purchasing an additional 1,499,733 shares during the last quarter. Finally, LSV Asset Management increased its holdings in shares of Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after purchasing an additional 1,470,812 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on CRBG. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

Corebridge Financial Price Performance

Corebridge Financial stock traded down $0.52 during trading hours on Friday, reaching $33.36. 4,129,732 shares of the stock were exchanged, compared to its average volume of 2,645,093. The company has a market cap of $17.96 billion, a P/E ratio of -54.68, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The stock has a 50 day moving average of $34.48 and a two-hundred day moving average of $32.53.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period in the prior year, the company posted $1.13 earnings per share. Equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 yield of 2.9%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio 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 stock in a transaction dated Friday, September 5th. The shares were 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 $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

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.