Swedbank AB Has $9.78 Million Position 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 raised its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 55.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 309,746 shares of the company's stock after purchasing an additional 109,939 shares during the period. Swedbank AB owned approximately 0.06% of Corebridge Financial worth $9,779,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pzena Investment Management LLC grew its stake in Corebridge Financial by 73.6% in the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after acquiring an additional 3,412,147 shares during the period. Nuveen LLC bought a new position in shares of Corebridge Financial during the 1st quarter valued at about $100,404,000. AQR Capital Management LLC grew its position in shares of Corebridge Financial by 50.0% in the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after purchasing an additional 2,780,764 shares during the period. Truist Financial Corp increased its stake in Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Finally, LSV Asset Management raised its holdings in Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after buying an additional 1,470,812 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Trading Down 2.6%

Corebridge Financial stock opened at $32.50 on Tuesday. The firm has a 50-day moving average of $34.43 and a 200-day moving average of $32.51. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $17.50 billion, a price-to-earnings ratio of -53.27, a P/E/G ratio of 0.56 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the business earned $1.13 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial's dividend payout ratio is currently -157.38%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the firm's stock in a transaction on Friday, September 5th. The shares were 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 of the company's stock, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

CRBG has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. BMO Capital Markets boosted their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

Corebridge Financial 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.

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