Meiji Yasuda Life Insurance Co Purchases Shares of 11,823 Corebridge Financial, Inc. $CRBG

Key Points

• Meiji Yasuda Life Insurance Co acquired a new stake in Corebridge Financial, Inc. valued at approximately $373,000 during Q1 2023, adding to the significant presence of institutional investors owning 98.25% of the company.
• Corebridge Financial announced a quarterly $0.24 dividend with an expected annual yield of 2.9%, despite a negative dividend payout ratio of -157.38%.
• Analysts have provided a consensus rating of "Moderate Buy" for Corebridge Financial, with a target price averaging $40.80, indicating positive sentiment towards the stock's future performance.

Meiji Yasuda Life Insurance Co bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 11,823 shares of the company's stock, valued at approximately $373,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new position in Corebridge Financial in the fourth quarter valued at about $30,000. Brooklyn Investment Group grew its stake in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after purchasing an additional 581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after purchasing an additional 748 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Corebridge Financial during the first quarter worth about $75,000. Finally, SVB Wealth LLC purchased a new stake in shares of Corebridge Financial during the first quarter worth about $85,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded down $0.52 on Friday, reaching $33.36. 4,129,732 shares of the stock were exchanged, compared to its average volume of 2,706,574. The company has a quick ratio of 0.12, a current 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 firm has a market capitalization of $17.96 billion, a price-to-earnings ratio of -54.68, a PEG ratio of 0.56 and a beta of 1.06. The business has a 50 day moving average price of $34.48 and a two-hundred day moving average price of $32.52.

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

Corebridge Financial Dividend Announcement

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

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares of the company's stock, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRBG shares. BMO Capital Markets boosted their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Morgan Stanley boosted their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.80.

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.