Sei Investments Co. Boosts Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Sei Investments increased its Corebridge Financial stake by 10.2% in the first quarter to 922,629 shares valued at approximately $22 million. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.05, slightly below the $1.07 analyst estimate, while revenue of $4.08 billion also trailed expectations. The company declared a quarterly dividend of $0.25 per share, representing a 3.1% yield.
• Analysts maintain a “Moderate Buy” consensus, with nine Buy ratings and six Holds and an average price target of $36.75, above the reported share price of $32.33.

Sei Investments Co. boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 10.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 922,629 shares of the company's stock after buying an additional 85,511 shares during the period. Sei Investments Co. owned approximately 0.20% of Corebridge Financial worth $22,014,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock worth $818,906,000 after acquiring an additional 311,133 shares during the last quarter. Pzena Investment Management LLC boosted its stake in Corebridge Financial by 14.4% in the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after purchasing an additional 3,413,384 shares in the last quarter. Norges Bank bought a new position in Corebridge Financial in the 4th quarter worth about $611,550,000. State Street Corp grew its position in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after purchasing an additional 3,465,371 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in 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 during the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $32.33 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The company has a market cap of $14.41 billion, a P/E ratio of 58.78, a price-to-earnings-growth ratio of 0.40 and a beta of 1.10. The stock's fifty day moving average price is $29.10 and its 200-day moving average price is $27.94.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion for the quarter, compared to analysts' expectations of $5.06 billion. During the same quarter last year, the company posted $1.16 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. Corebridge Financial's dividend payout ratio is presently 181.82%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRBG. Barclays lifted their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Piper Sandler raised their price target on shares of Corebridge Financial from $31.00 to $36.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. decreased their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a report on Tuesday, May 12th. Bank of America lowered their price objective on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company increased their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $36.75.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the transaction, the insider owned 128,153 shares in the company, valued at $3,844,590. This represents a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by insiders.

Corebridge Financial 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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