Corebridge Financial, Inc. (NYSE:CRBG) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB publ increased its holdings in Corebridge Financial by 63.9% in the first quarter, bringing its total ownership to 167,977 shares valued at approximately $5.3 million.
• Corebridge Financial reported a quarterly earnings per share (EPS) of $1.16, beating analyst expectations of $1.15, but generated $4.74 billion in revenue, falling short of estimates of $5.28 billion.
• The company recently declared a quarterly dividend of $0.24 per share, with a yield of 2.69%, and indicated a dividend payout ratio of 81.36%.

Skandinaviska Enskilda Banken AB publ lifted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 63.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,977 shares of the company's stock after buying an additional 65,500 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Corebridge Financial were worth $5,303,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oarsman Capital Inc. purchased a new position in shares of Corebridge Financial in the fourth quarter worth about $30,000. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial during the fourth quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. increased its position in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after purchasing an additional 748 shares during the last quarter. Quarry LP acquired a new stake in Corebridge Financial during the fourth quarter worth about $63,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Corebridge Financial during the fourth quarter worth about $64,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Up 0.5%

Shares of CRBG traded up $0.18 during trading on Monday, reaching $35.81. 2,542,118 shares of the company traded hands, compared to its average volume of 2,235,946. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.08. The stock has a market cap of $19.69 billion, a PE ratio of 30.35, a price-to-earnings-growth ratio of 0.58 and a beta of 1.06. The stock has a 50-day simple moving average of $33.76 and a 200-day simple moving average of $32.16. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The business had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $5.28 billion. During the same period last year, the business earned $1.10 earnings per share. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 81.36%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRBG. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Morgan Stanley raised their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Piper Sandler raised their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.91.

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.