Ontario Teachers Pension Plan Board Acquires 8,950 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Corebridge Financial by 30.8%, holding 38,054 shares valued at approximately $1.2 million.
• Corebridge Financial recently reported earnings of $1.36 per share, exceeding analysts' expectations, but its revenue of $4.42 billion was below forecast.
• Analysts have upgraded Corebridge Financial's ratings, with a consensus price target of $40.70 and a rating of "Moderate Buy" among several firms.

Ontario Teachers Pension Plan Board grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 30.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,054 shares of the company's stock after purchasing an additional 8,950 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Corebridge Financial were worth $1,201,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after purchasing an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after purchasing an additional 1,013,259 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Merit Financial Group LLC bought a new position in shares of Corebridge Financial during the 1st quarter valued at $832,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Corebridge Financial by 88.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock valued at $2,899,000 after purchasing an additional 45,363 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Barclays lifted their target price on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. BMO Capital Markets lifted their target price 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. Piper Sandler lifted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated 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 sale, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.06 on Wednesday, hitting $34.20. 1,966,106 shares of the company were exchanged, compared to its average volume of 3,294,189. The company's 50 day moving average price is $34.21 and its two-hundred day moving average price is $32.36. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $18.41 billion, a price-to-earnings ratio of -56.12, a PEG ratio of 0.54 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the firm posted $1.13 EPS. Research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. 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 2.8%. Corebridge Financial's payout ratio 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.