Mitsubishi UFJ Asset Management Co. Ltd. Takes Position in Corebridge Financial, Inc. $CRBG

Key Points

• Mitsubishi UFJ Asset Management acquired 307,456 shares of Corebridge Financial worth approximately $8.8 million, while institutional investors and hedge funds collectively own 98.25% of the stock.
• Corebridge reported quarterly EPS of $1.12, exceeding analyst estimates of $1.08, although revenue of $4.30 billion fell short of the $4.66 billion consensus estimate. The company declared a $0.25 quarterly dividend, equating to a 3.1% annualized yield.
• Analysts maintain a generally positive view, with nine Buy ratings and six Holds, a “Moderate Buy” consensus, and an average price target of $37.42 versus the stock’s $31.81 opening price. Recent insider activity was negative, with executives selling 24,409 shares worth about $805,626 over 90 days.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 307,456 shares of the company's stock, valued at approximately $8,803,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.07% of Corebridge Financial as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRBG. Salomon & Ludwin LLC grew its position in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC lifted 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 purchasing an additional 520 shares in the last quarter. Bell Investment Advisors Inc purchased a new position in shares of Corebridge Financial in the second quarter valued at $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial in the first quarter valued at $30,000. 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 valued at $46,000 after purchasing an additional 1,484 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company's stock, valued at $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,409 shares of company stock worth $805,626 in the last ninety days. Corporate insiders own 0.32% of the company's stock.

Corebridge Financial Stock Down 2.3%

Shares of NYSE:CRBG opened at $31.81 on Friday. The firm has a market cap of $14.18 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. The company has a fifty day simple moving average of $31.07 and a 200 day simple moving average of $28.24. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.22.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the prior year, the firm posted $1.36 EPS. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is 58.48%.

Analysts Set New Price Targets

Several research firms recently issued reports on CRBG. Piper Sandler lifted their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Jefferies Financial Group upped 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. Wells Fargo & Company raised their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday. Mizuho lifted their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. cut their price target on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $37.42.

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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