Vident Advisory LLC Makes New Investment in Corebridge Financial, Inc. $CRBG

Key Points

• Vident Advisory LLC acquired a new stake in Corebridge Financial, purchasing 24,151 shares valued at approximately $762,000.
• Major shareholder International Group American sold 30,000,000 shares of Corebridge Financial, resulting in a significant 26.34% decrease in their position.
• Wall Street analysts have given Corebridge Financial a consensus rating of "Moderate Buy", with a target price averaging $40.70 following several upgrades from various firms.

Vident Advisory LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 24,151 shares of the company's stock, valued at approximately $762,000.

Several other institutional investors also recently modified their holdings of CRBG. Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial during the 4th quarter worth about $30,000. Brooklyn Investment Group boosted its holdings in Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after purchasing an additional 581 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after purchasing an additional 748 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of Corebridge Financial in the 1st quarter worth approximately $75,000. Finally, SVB Wealth LLC bought a new position in shares of Corebridge Financial during the 1st quarter worth approximately $85,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CRBG shares. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Piper Sandler increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Morgan Stanley lifted 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 upped their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Finally, Barclays cut their target price on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, September 5th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $40.80.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the sale, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Trading Down 0.7%

Shares of NYSE CRBG traded down $0.24 during midday trading on Wednesday, hitting $33.15. The stock had a trading volume of 2,213,622 shares, compared to its average volume of 2,985,032. The firm has a market cap of $17.85 billion, a P/E ratio of -54.35, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week 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's 50-day simple moving average is $34.57 and its 200 day simple moving average is $32.52.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping 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 firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the company earned $1.13 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

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

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.