Corebridge Financial, Inc. (NYSE:CRBG) Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its stake in Corebridge Financial, Inc. by 1.4%, now owning a total of 24,249,948 shares valued at approximately $765.57 million.
• Major shareholder International Group American sold 30 million shares at an average price of $33.65, resulting in a total transaction value of over $1 billion.
• Corebridge Financial reported a quarterly earnings per share of $1.36, surpassing analysts' estimates of $1.15, despite a revenue shortfall of $4.42 billion compared to expectations of $4.85 billion.

Vanguard Group Inc. boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 1.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,249,948 shares of the company's stock after acquiring an additional 324,692 shares during the quarter. Vanguard Group Inc. owned about 4.39% of Corebridge Financial worth $765,571,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Corebridge Financial by 31.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after buying an additional 7,828,929 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after buying an additional 3,412,147 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Corebridge Financial by 10.5% during the fourth quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock valued at $166,314,000 after buying an additional 527,376 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Corebridge Financial by 16.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company's stock valued at $163,344,000 after buying an additional 770,255 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Corebridge Financial by 34.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock valued at $143,767,000 after buying an additional 1,235,796 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Corebridge Financial Stock Down 1.3%

Corebridge Financial stock traded down $0.45 during mid-day trading on Friday, reaching $33.79. 2,900,525 shares of the company were exchanged, compared to its average volume of 4,595,301. The business has a fifty day moving average of $34.28 and a 200 day moving average of $32.38. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $18.20 billion, a P/E ratio of -55.39, a PEG ratio of 0.57 and a beta of 1.06. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The company 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 quarter in the prior year, the business earned $1.13 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued 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 yield of 2.8%. Corebridge Financial's dividend payout ratio is currently -157.38%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and upped their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Wells Fargo & Company upped their target price on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. upped their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley upped their target price on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Finally, Piper Sandler boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.70.

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.