Meiji Yasuda Life Insurance Co Invests $373,000 in 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 acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 11,823 shares of the company's stock, valued at approximately $373,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRBG. BNP Paribas Financial Markets purchased a new position in Corebridge Financial in the fourth quarter valued at about $7,477,000. Cetera Investment Advisers raised its stake in shares of Corebridge Financial by 40.6% in the 4th quarter. Cetera Investment Advisers now owns 20,125 shares of the company's stock valued at $602,000 after purchasing an additional 5,814 shares in the last quarter. Deutsche Bank AG lifted its holdings in Corebridge Financial by 9.0% during the 4th quarter. Deutsche Bank AG now owns 322,363 shares of the company's stock worth $9,648,000 after buying an additional 26,512 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in Corebridge Financial during the fourth quarter valued at $11,972,000. Finally, Janus Henderson Group PLC acquired a new stake in Corebridge Financial during the fourth quarter worth about $760,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Transactions at Corebridge Financial

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

Corebridge Financial Stock Performance

CRBG stock traded down $0.52 during midday trading on Friday, hitting $33.36. 4,129,732 shares of the company traded hands, compared to its average volume of 3,276,631. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The business has a 50 day simple moving average of $34.53 and a 200-day simple moving average of $32.53. The stock has a market capitalization of $17.96 billion, a price-to-earnings ratio of -54.68, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06.

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

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given 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 yield of 2.9%. Corebridge Financial's payout ratio is currently -157.38%.

Analyst Ratings Changes

A number of analysts recently weighed in on CRBG shares. 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. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price target for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Piper Sandler increased their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Finally, Barclays reduced their price objective on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.