Wellington Management Group LLP Acquires 319,224 Shares of 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 raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 8.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,027,184 shares of the company's stock after buying an additional 319,224 shares during the quarter. Wellington Management Group LLP owned 0.73% of Corebridge Financial worth $127,138,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Brooklyn Investment Group grew its holdings in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after buying an additional 581 shares during the last quarter. Northwest & Ethical Investments L.P. acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $325,000. Raymond James Financial Inc. grew its holdings in Corebridge Financial by 0.9% in the 1st quarter. Raymond James Financial Inc. now owns 1,073,112 shares of the company's stock valued at $33,878,000 after buying an additional 9,163 shares during the last quarter. Cresset Asset Management LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $232,000. Finally, American Century Companies Inc. grew its holdings in Corebridge Financial by 58.6% in the 1st quarter. American Century Companies Inc. now owns 516,617 shares of the company's stock valued at $16,310,000 after buying an additional 190,925 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.03 during midday trading on Wednesday, hitting $35.01. 2,010,705 shares of the company were exchanged, compared to its average volume of 4,930,210. 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 firm has a market cap of $18.85 billion, a P/E ratio of -57.39, a PEG ratio of 0.59 and a beta of 1.06. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The firm has a 50 day simple moving average of $34.58 and a 200-day simple moving average of $32.45.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $1.13 EPS. Research analysts forecast 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 will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is -157.38%.

Analysts Set New Price Targets

A number of analysts have issued reports on CRBG shares. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and raised their target price for the company from $28.00 to $37.00 in a report on Friday, July 11th. JPMorgan Chase & Co. lifted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Barclays lifted their price objective on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Wells Fargo & Company lifted their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.70.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred 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 transaction, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by company insiders.

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.