Jupiter Topco LLC Buys New Shares in Corebridge Financial, Inc. $CRBG

Key Points

• Jupiter Topco initiated a Corebridge Financial position by purchasing 42,345 shares worth approximately $1.2 million. Institutional investors collectively own 98.25% of CRBG.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $37.42, above the stock’s reported $34.45 opening price.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates by $0.04, and declared a $0.25 quarterly dividend, equivalent to a 2.9% annualized yield.

Jupiter Topco LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 42,345 shares of the company's stock, valued at approximately $1,212,000.

Several other large investors also recently bought and sold shares of the stock. Rothschild Investment LLC grew its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after buying an additional 520 shares in the last quarter. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial during the second quarter worth approximately $27,000. Sonoma Allocations LLC purchased a new position in Corebridge Financial in the first quarter worth approximately $30,000. Allworth Financial LP purchased a new position in Corebridge Financial in the second quarter worth approximately $41,000. Finally, Versant Capital Management Inc grew its holdings in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after acquiring an additional 1,484 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the sale, the executive vice president owned 46,473 shares of the company's stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Ditillo sold 12,414 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 24,409 shares of company stock valued at $805,626. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRBG. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lowered their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research note on Tuesday, May 12th. Wells Fargo & Company raised their price target on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Finally, Piper Sandler lifted their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average price target of $37.42.

Corebridge Financial Stock Down 0.9%

CRBG opened at $34.45 on Friday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $34.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $15.36 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The business's 50-day simple moving average is $31.93 and its 200-day simple moving average is $28.41.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period in the prior year, the firm earned $1.36 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's payout ratio is currently 58.48%.

Corebridge Financial Company Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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