iA Global Asset Management Inc. Acquires Shares of 11,339 Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• iA Global Asset Management Inc. has acquired a new stake in Corebridge Financial, buying 11,339 shares valued at approximately $358,000 during the first quarter.
• Corebridge Financial's stock has received multiple ratings upgrades from analysts, with target prices ranging from $40.00 to $45.00 and a consensus rating of "Moderate Buy."
• Major shareholder International Group American sold 30 million shares of Corebridge Financial stock for about $1 billion, decreasing their ownership by 26.34%.

iA Global Asset Management Inc. acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,339 shares of the company's stock, valued at approximately $358,000.

Several other hedge funds have also recently modified their holdings of the stock. MetLife Investment Management LLC increased its holdings 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 acquiring an additional 715 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its holdings in Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after buying an additional 748 shares during the period. Sunbelt Securities Inc. acquired a new position in Corebridge Financial in the 4th quarter worth approximately $30,000. Cerity Partners LLC increased its holdings in Corebridge Financial by 4.6% in the 4th quarter. Cerity Partners LLC now owns 22,596 shares of the company's stock worth $675,000 after buying an additional 1,001 shares during the period. Finally, Rhumbline Advisers increased its holdings in Corebridge Financial by 0.4% in the 1st quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock worth $9,703,000 after buying an additional 1,215 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the sale, the insider owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRBG. BMO Capital Markets increased their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Barclays increased their price target on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Piper Sandler increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $40.70.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $0.11 during midday trading on Friday, reaching $33.31. 7,463,067 shares of the stock were exchanged, compared to its average volume of 3,480,369. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The firm has a market cap of $17.94 billion, a price-to-earnings ratio of -54.61, a PEG ratio of 0.54 and a beta of 1.06. The company has a quick ratio of 0.14, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm has a 50-day simple moving average of $34.17 and a two-hundred day simple moving average of $32.35.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter last year, the company earned $1.13 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

About Corebridge Financial

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.