Swedbank AB Raises Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Swedbank AB increased its holdings in Corebridge Financial by 55% in Q1, now owning approximately 309,746 shares valued at around $9.78 million.
• Corebridge Financial reported $1.36 EPS for the quarter, surpassing analysts' expectations, though it also noted a negative net margin of 1.80% on revenue of $4.42 billion.
• The company will pay a quarterly dividend of $0.24 per share on September 30th, which represents an annualized yield of 3.0%, despite a negative dividend payout ratio of -157.38%.

Swedbank AB boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 55.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 309,746 shares of the company's stock after purchasing an additional 109,939 shares during the quarter. Swedbank AB owned about 0.06% of Corebridge Financial worth $9,779,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CRBG. Sunbelt Securities Inc. bought a new position in Corebridge Financial in the 4th quarter worth about $30,000. Brooklyn Investment Group raised its holdings in shares of Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after buying an additional 581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of 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. Golden State Wealth Management LLC purchased a new position in shares of Corebridge Financial during the first quarter worth $75,000. Finally, SVB Wealth LLC purchased a new position in Corebridge Financial in the first quarter valued at $85,000. 98.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction that occurred on 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 transaction, the insider directly owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by insiders.

Corebridge Financial Stock Performance

CRBG traded up $0.22 during trading on Friday, reaching $32.75. 7,185,561 shares of the company's stock were exchanged, compared to its average volume of 2,915,387. The business has a 50 day moving average price of $34.22 and a 200 day moving average price of $32.49. The company has a market capitalization of $17.63 billion, a P/E ratio of -53.68, a PEG ratio of 0.54 and a beta of 1.06. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations 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 in the previous year, the business posted $1.13 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRBG. Keefe, Bruyette & Woods boosted their price target 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. Morgan Stanley boosted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Piper Sandler boosted 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. Wells Fargo & Company increased their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

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.