Nuveen LLC Purchases New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Nuveen LLC acquired 3,180,349 shares of Corebridge Financial, valued at approximately $100 million, representing about 0.58% ownership of the company.
• Major shareholder International Group American sold 30 million shares of Corebridge Financial stock for over $1 billion, reducing their stake by 26.34%.
• Wall Street analysts have given Corebridge Financial a consensus rating of "Moderate Buy" with an average price target of $40.70, indicating positive growth expectations.

Nuveen LLC purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,180,349 shares of the company's stock, valued at approximately $100,404,000. Nuveen LLC owned about 0.58% of Corebridge Financial at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CRBG. Price T Rowe Associates Inc. MD raised its stake in Corebridge Financial by 31.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after purchasing an additional 7,828,929 shares during the period. Pzena Investment Management LLC raised its stake in Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares during the period. Truist Financial Corp raised its stake in Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares during the period. LSV Asset Management raised its stake in Corebridge Financial by 51.3% during the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after purchasing an additional 1,470,812 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in Corebridge Financial by 34.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after purchasing an additional 1,235,796 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CRBG shares. Wells Fargo & Company increased their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. BMO Capital Markets increased their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. increased 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. Keefe, Bruyette & Woods increased 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. Finally, UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price target for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $40.70.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider directly owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company's stock.

Corebridge Financial Trading Down 1.3%

Shares of CRBG stock traded down $0.45 during mid-day trading on Friday, reaching $33.79. The company's stock had a trading volume of 2,900,525 shares, compared to its average volume of 4,595,301. The company's 50 day simple moving average is $34.28 and its 200-day simple moving average is $32.38. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-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 firm has a market capitalization of $18.20 billion, a PE ratio of -55.39, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter last year, the firm posted $1.13 EPS. On average, research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company 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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

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.