New Vernon Investment Management LLC Boosts Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• New Vernon Investment Management LLC significantly increased its stake in Corebridge Financial by acquiring 51,587 shares, bringing their total holdings to 67,858 shares valued at approximately $2.14 million.
• Major shareholder International Group American sold 30 million shares at an average price of $33.65, resulting in a substantial 26.34% decrease in their ownership in the company.
• Analysts have upgraded Corebridge Financial's price target multiple times, with an average target now sitting at $40.70, indicating a general consensus of a "Moderate Buy".

New Vernon Investment Management LLC boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 317.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,858 shares of the company's stock after acquiring an additional 51,587 shares during the period. Corebridge Financial accounts for about 2.9% of New Vernon Investment Management LLC's investment portfolio, making the stock its 14th largest position. New Vernon Investment Management LLC's holdings in Corebridge Financial were worth $2,142,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CRBG. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial in the 4th quarter valued at about $30,000. Brooklyn Investment Group grew its stake in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after acquiring an additional 748 shares during the last quarter. Quarry LP acquired a new stake in Corebridge Financial in the 4th quarter valued at about $63,000. Finally, Golden State Wealth Management LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at about $75,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CRBG shares. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price target for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Barclays raised their price target on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. 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, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average target price of $40.70.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

Corebridge Financial Trading Down 1.1%

Shares of CRBG traded down $0.38 during mid-day trading on Tuesday, hitting $34.39. The company had a trading volume of 3,702,070 shares, compared to its average volume of 3,280,220. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The business's 50-day simple moving average is $34.71 and its 200-day simple moving average is $32.49. 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 stock has a market cap of $18.52 billion, a PE ratio of -56.38, a P/E/G ratio of 0.59 and a beta of 1.06.

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

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.8%. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Corebridge Financial Company Profile

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.