Strs Ohio Purchases Shares of 57,759 Corebridge Financial, Inc. $CRBG

Key Points

• Strs Ohio has made a new investment in Corebridge Financial, Inc., acquiring 57,759 shares valued at approximately $1.82 million in the first quarter.
• Several analysts have recently raised their price targets for Corebridge Financial, with a consensus target price of $40.80 and a rating of "Moderate Buy".
• The company announced a quarterly dividend of $0.24 per share, set to be paid on September 30th, with a yield of approximately 3.1%.

Strs Ohio acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 57,759 shares of the company's stock, valued at approximately $1,823,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its holdings in shares of Corebridge Financial by 40.6% in the 4th quarter. Cetera Investment Advisers now owns 20,125 shares of the company's stock valued at $602,000 after acquiring an additional 5,814 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of Corebridge Financial during the 4th quarter worth approximately $760,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Corebridge Financial by 88.1% in 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 buying an additional 45,363 shares during the period. OMERS ADMINISTRATION Corp lifted its holdings in shares of Corebridge Financial by 21.9% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 10,640 shares of the company's stock valued at $318,000 after purchasing an additional 1,914 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Corebridge Financial by 365.2% during the fourth quarter. Royal Bank of Canada now owns 480,438 shares of the company's stock worth $14,379,000 after acquiring an additional 377,159 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CRBG shares. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. raised their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Finally, Piper Sandler raised their price target 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. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.80.

Corebridge Financial Stock Performance

CRBG stock traded up $0.22 during midday trading on Friday, hitting $32.75. The stock had a trading volume of 7,185,561 shares, compared to its average volume of 2,915,387. The firm has a market capitalization of $17.63 billion, a price-to-earnings ratio of -53.68, a P/E/G ratio of 0.54 and a beta of 1.06. The stock has a 50-day simple moving average of $34.22 and a 200 day simple moving average of $32.49. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period last year, the company earned $1.13 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is currently -157.38%.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the transaction, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This trade represents a 1.41% 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. Company insiders own 0.29% of the company's stock.

Corebridge Financial Company Profile

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.