Swiss National Bank Raises Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Swiss National Bank increased its Corebridge Financial stake by 4.3% in the first quarter, buying 33,700 more shares and bringing its total to 814,165 shares valued at about $19.4 million.
• Corebridge posted mixed quarterly results, with earnings per share of $1.05 slightly below estimates and revenue of $4.08 billion missing expectations. Analysts still expect the company to generate about 4.6 EPS for the full year.
• Wall Street sentiment remains broadly positive, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating with an average target of $36.75. The company also paid a quarterly dividend of $0.25 per share, implying a 3.2% annual yield.

Swiss National Bank lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 4.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 814,165 shares of the company's stock after purchasing an additional 33,700 shares during the period. Swiss National Bank owned 0.17% of Corebridge Financial worth $19,426,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Salomon & Ludwin LLC raised its position in shares of Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock worth $26,000 after buying an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its position in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after buying an additional 520 shares during the period. Clearstead Advisors LLC lifted its holdings in Corebridge Financial by 143.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company's stock worth $50,000 after buying an additional 983 shares during the period. IFP Advisors Inc raised its stake in Corebridge Financial by 98.8% in the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company's stock worth $54,000 after buying an additional 893 shares in the last quarter. Finally, Key Capital Management INC purchased a new position in Corebridge Financial during the fourth quarter valued at $56,000. Institutional investors own 98.25% of the company's stock.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the sale, the insider owned 128,153 shares in the company, valued at $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company's stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.28 on Friday. The stock has a 50-day moving average of $28.90 and a 200 day moving average of $27.94. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The stock has a market capitalization of $13.95 billion, a price-to-earnings ratio of 56.88, a PEG ratio of 0.38 and a beta of 1.10. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the company posted $1.16 earnings per share. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial's dividend payout ratio (DPR) is 181.82%.

Analyst Upgrades and Downgrades

CRBG has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Jefferies Financial Group lifted their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $36.75.

About Corebridge Financial

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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