VIRGINIA RETIREMENT SYSTEMS ET Al Takes $17.58 Million Position in Corebridge Financial, Inc. $CRBG

Key Points

• Virginia Retirement Systems acquired a new stake in Corebridge Financial, purchasing 495,100 shares valued at approximately $17.58 million.
• Corebridge Financial reported a quarterly earnings per share (EPS) of $1.36, exceeding analyst expectations of $1.15, despite revenue falling short of the consensus estimate.
• Corebridge Financial declared a quarterly dividend of $0.24 on an annualized basis, reflecting a yield of 3.1%, but its payout ratio is notably negative at -157.38%.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 495,100 shares of the company's stock, valued at approximately $17,576,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.09% of Corebridge Financial as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CRBG. Pzena Investment Management LLC increased its stake in shares of Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company's stock valued at $664,691,000 after acquiring an additional 10,673,099 shares in the last quarter. Nuveen LLC bought a new stake in Corebridge Financial during the 1st quarter valued at $100,404,000. AQR Capital Management LLC increased its stake in Corebridge Financial by 50.0% during 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 in the last quarter. 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 valued at $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Finally, LSV Asset Management increased its stake in Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG opened at $30.96 on Monday. 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 capitalization of $16.67 billion, a price-to-earnings ratio of -50.76, a P/E/G ratio of 0.48 and a beta of 1.02. The firm's fifty day moving average price is $33.20 and its two-hundred day moving average price is $32.55. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period in the previous year, the firm earned $1.13 EPS. As a group, 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 declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial's payout ratio is -157.38%.

Analyst Ratings Changes

A number of analysts have commented on CRBG shares. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Weiss Ratings restated a "hold (c-)" rating on shares of Corebridge Financial in a research note on Wednesday, October 8th. Barclays decreased their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an "overweight" rating for the company in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Morgan Stanley decreased their price target on shares of Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating for the company in a research note on Tuesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus target price of $39.91.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

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.

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