State of Wyoming Acquires New Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Wyoming acquired 31,407 Corebridge Financial shares worth approximately $899,000 in the second quarter, while institutional investors collectively own 98.25% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $37.17; several firms recently raised their targets to as high as $43.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, and declared a $0.25 quarterly dividend, equivalent to a 2.9% yield.

State of Wyoming acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 31,407 shares of the company's stock, valued at approximately $899,000.

Other hedge funds also recently made changes to their positions in the company. State of Michigan Retirement System acquired a new stake in Corebridge Financial in the fourth quarter valued at about $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in Corebridge Financial during the 4th quarter worth approximately $5,358,000. Vanguard Group Inc. increased its position in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock worth $818,906,000 after purchasing an additional 311,133 shares during the period. New York State Teachers Retirement System acquired a new position in Corebridge Financial during the 4th quarter worth approximately $2,072,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Corebridge Financial by 76.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 233,992 shares of the company's stock worth $7,065,000 after buying an additional 101,077 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on CRBG shares. JPMorgan Chase & Co. reduced their price target on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a report on Tuesday, May 12th. Weiss Ratings raised Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods increased their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Piper Sandler raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $37.17.

Corebridge Financial Trading Up 0.5%

Shares of Corebridge Financial stock opened at $34.48 on Friday. The company has a 50-day moving average of $30.66 and a two-hundred day moving average of $28.20. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.22. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock has a market cap of $15.37 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the previous year, the company earned $1.36 EPS. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors 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 annualized dividend and a yield of 2.9%. Corebridge Financial's payout ratio is currently 58.48%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the business's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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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