Man Group plc Invests $1.09 Million in Corebridge Financial, Inc. $CRBG

Key Points

• Man Group initiated a $1.09 million position in Corebridge Financial during the second quarter by purchasing 38,036 shares. Institutional investors collectively own 98.25% of CRBG.
• Corebridge reported quarterly EPS of $1.12, exceeding the $1.08 analyst consensus, although revenue of $4.30 billion fell short of estimates. The company declared a quarterly dividend of $0.25, representing a 3.0% annualized yield.
• Analyst sentiment remains favorable, with nine Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $37.42. CRBG recently traded at $33.52, near its 52-week high.

Man Group plc bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 38,036 shares of the company's stock, valued at approximately $1,089,000.

Several other institutional investors and hedge funds have also bought and sold shares of CRBG. Rothschild Investment LLC lifted its position in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc purchased a new position in shares of Corebridge Financial in the second quarter worth $27,000. Sonoma Allocations LLC bought a new stake in Corebridge Financial during the 1st quarter valued at $30,000. Allworth Financial LP bought a new stake in Corebridge Financial during the 2nd quarter valued at $41,000. Finally, Versant Capital Management Inc boosted its position 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 valued at $46,000 after buying an additional 1,484 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 46,473 shares in the company, valued at $1,536,397.38. This trade represents a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the sale, the insider owned 111,153 shares in the company, valued at $3,779,202. This represents 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. In the last 90 days, insiders sold 24,409 shares of company stock valued at $805,626. 0.32% of the stock is currently owned by company insiders.

Corebridge Financial Trading Up 4.2%

Shares of CRBG opened at $33.52 on Thursday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $34.81. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm's 50-day moving average price is $31.68 and its 200-day moving average price is $28.34. The firm has a market capitalization of $14.94 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 0.41 and a beta of 1.08.

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

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. Corebridge Financial's dividend payout ratio is currently 58.48%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRBG shares. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Wells Fargo & Company raised their target price on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Mizuho boosted their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Barclays upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.42.

About Corebridge Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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