Nykredit A S Acquires Shares of 47,035 Corebridge Financial, Inc. $CRBG

Key Points

• Nykredit A/S acquired 47,035 shares of Corebridge Financial in the second quarter, valued at approximately $1.35 million. Institutional investors collectively own 98.25% of the company, including significant new positions from Pzena Investment Management and BlackRock.
• Corebridge reported quarterly EPS of $1.12, beating estimates of $1.08, though revenue of $4.30 billion fell short of the $4.66 billion consensus forecast. The company declared a quarterly dividend of $0.25 per share, representing a 2.9% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42, above the stock’s recent $34.45 price. However, insiders sold 24,409 shares worth approximately $805,626 over the past three months.

Nykredit A S acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 47,035 shares of the company's stock, valued at approximately $1,347,000.

A number of other hedge funds have also recently modified their holdings of the stock. Pzena Investment Management LLC purchased a new position in Corebridge Financial during the second quarter valued at approximately $967,400,000. BlackRock Inc. purchased a new stake in Corebridge Financial in the 2nd quarter worth approximately $726,494,000. Norges Bank acquired a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $611,550,000. State Street Corp grew its stake in shares of Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Down 0.1%

Shares of NYSE CRBG opened at $34.45 on Tuesday. The company's 50-day simple moving average is $32.04 and its 200-day simple moving average is $28.41. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $34.82. The firm has a market cap of $15.36 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion during 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 quarter in the prior year, the firm earned $1.36 EPS. Equities analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio is presently 58.48%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CRBG shares. TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Jefferies Financial Group upped their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Finally, UBS Group raised their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.42.

Insider Buying and Selling

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares of the company's stock, valued at $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David Ditillo sold 12,414 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the sale, the insider owned 111,153 shares of the company's stock, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,409 shares of company stock valued at $805,626 in the last three months. Insiders own 0.32% of the company's stock.

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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