Truist Financial Corp Buys 175,378 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Truist Financial Corp increased its stake in Corebridge Financial by 11.3% during Q2, acquiring an additional 175,378 shares, bringing its total owned shares to approximately 1,730,942, with a value of $61,448,000.
• A number of analysts have recently upgraded their ratings for Corebridge Financial, with UBS raising its target price from $28.00 to $37.00 and Morgan Stanley increasing its target from $37.00 to $40.00.
• The company recently declared a quarterly dividend of $0.24, resulting in an annual yield of 3.0%, despite a current negative dividend payout ratio of -157.38%.

Truist Financial Corp lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,730,942 shares of the company's stock after purchasing an additional 175,378 shares during the quarter. Truist Financial Corp owned about 0.31% of Corebridge Financial worth $61,448,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CRBG. Pzena Investment Management LLC boosted its position in shares of Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Corebridge Financial during the first quarter valued at approximately $100,404,000. AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after buying an additional 2,780,764 shares during the last quarter. LSV Asset Management grew its holdings in shares of Corebridge Financial by 51.3% during the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after buying an additional 1,470,812 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its holdings in shares of Corebridge Financial by 65.0% during the first quarter. AustralianSuper Pty Ltd now owns 2,614,298 shares of the company's stock valued at $82,533,000 after buying an additional 1,029,591 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CRBG shares. UBS Group upgraded shares of 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 report on Friday, July 11th. Morgan Stanley increased their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. BMO Capital Markets increased their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $40.80.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the firm's stock in a transaction that occurred 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 sale, the insider 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company's stock.

Corebridge Financial Trading Up 0.7%

Shares of CRBG stock opened at $32.27 on Thursday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month 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. The firm's 50 day moving average is $33.88 and its 200 day moving average is $32.55. The stock has a market capitalization of $17.37 billion, a P/E ratio of -52.89, a P/E/G ratio of 0.55 and a beta of 1.02.

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

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $0.24 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.0%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

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.

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