Corebridge Financial, Inc. (NYSE:CRBG) Stake Boosted by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. increased its ownership in Corebridge Financial, Inc. by 79.6%, bringing its total shares to 30,528 and a value of approximately $964,000.
• Several institutional investors also boosted their stakes in Corebridge Financial, with Truist Financial Corp. significantly raising its holdings by 2,686.2% during the first quarter.
• Corebridge Financial's latest quarterly earnings report indicated an EPS of $1.36, exceeding analysts' expectations of $1.15, although its revenue of $4.42 billion fell short of projections.

Jefferies Financial Group Inc. increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 79.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,528 shares of the company's stock after buying an additional 13,528 shares during the period. Jefferies Financial Group Inc.'s holdings in Corebridge Financial were worth $964,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CRBG. Price T Rowe Associates Inc. MD lifted its stake in Corebridge Financial by 31.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after buying an additional 3,412,147 shares during the last quarter. LSV Asset Management purchased a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $85,786,000. Truist Financial Corp increased its position in Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position in Corebridge Financial by 34.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after acquiring an additional 1,235,796 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Corebridge Financial Stock Up 0.5%

Shares of NYSE:CRBG traded up $0.18 during midday trading on Friday, hitting $33.38. 3,027,925 shares of the company's stock traded hands, compared to its average volume of 3,209,729. The firm's fifty day moving average price is $34.16 and its two-hundred day moving average price is $32.35. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.14 and a current ratio of 0.12. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a market cap of $18.35 billion, a PE ratio of -54.79, a P/E/G ratio of 0.56 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its 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. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%. During the same quarter last year, the firm earned $1.13 earnings per share. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.9%. Corebridge Financial's payout ratio is -157.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRBG. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Barclays raised their price objective on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. lifted their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, BMO Capital Markets increased their price objective 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. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial 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.