Wellington Management Group LLP Takes Position in Corebridge Financial, Inc. $CRBG

Key Points

• Wellington Management acquired 3.47 million Corebridge Financial shares worth approximately $99.5 million, giving it a 0.78% stake. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, though revenue of $4.30 billion fell short of the $4.66 billion consensus forecast. The company also declared a quarterly dividend of $0.25, representing a 3.1% annualized yield.
• Analysts maintain a favorable outlook, with nine Buy ratings and six Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $37.42, above the stock’s reported $32.16 price.

Wellington Management Group LLP acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,474,280 shares of the company's stock, valued at approximately $99,469,000. Wellington Management Group LLP owned about 0.78% of Corebridge Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pzena Investment Management LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth about $726,494,000. Norges Bank acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $611,550,000. State Street Corp raised its holdings in Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after buying an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after buying an additional 2,689,611 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Activity

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president directly owned 46,473 shares of the company's stock, valued at $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 24,409 shares of company stock worth $805,626 in the last three months. Corporate insiders own 0.32% of the company's stock.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $32.16 on Wednesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $31.57 and a 200-day simple moving average of $28.32. The stock has a market cap of $14.34 billion, a P/E ratio of 18.81, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $34.81.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the firm earned $1.36 earnings per share. Equities analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial's dividend payout ratio is presently 58.48%.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of recent analyst reports. Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Barclays increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Piper Sandler lifted their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Wells Fargo & Company upped their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.42.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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