Wellington Management Group LLP Raises Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Wellington Management Group LLP increased its stake in Corebridge Financial by 8.6%, now owning 4,027,184 shares worth approximately $127 million.
• Corebridge Financial's stock has received increased price targets from multiple analysts, with Morgan Stanley and JPMorgan Chase raising their targets to $40.00, indicating positive market sentiment.
• The company recently declared a quarterly dividend of $0.24, with an annualized yield of 2.8%, despite a payout ratio of -157.38%.

Wellington Management Group LLP lifted its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,027,184 shares of the company's stock after purchasing an additional 319,224 shares during the quarter. Wellington Management Group LLP owned about 0.73% of Corebridge Financial worth $127,138,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRBG. Sunbelt Securities Inc. acquired a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $30,000. Brooklyn Investment Group grew its position in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in Corebridge Financial by 80.2% in the fourth 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. Quarry LP purchased a new stake in Corebridge Financial in the fourth quarter valued at $63,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Corebridge Financial in the 1st quarter valued at $75,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Morgan Stanley boosted their price objective 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. 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. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. BMO Capital Markets lifted their target price 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. Finally, Barclays upped their price target on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $40.70.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $34.0370 on Friday. The firm has a 50 day moving average of $34.37 and a two-hundred day moving average of $32.40. The stock has a market capitalization of $18.33 billion, a PE ratio of -55.80, a P/E/G ratio of 0.58 and a beta of 1.06. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week 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 for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for 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 company earned $1.13 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. 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 payout ratio is currently -157.38%.

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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