Westpac Banking Corp Purchases 34,253 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Westpac Banking Corp increased its ownership in Corebridge Financial, Inc. by 343.5%, acquiring an additional 34,253 shares in the first quarter, bringing its total to 44,225 shares valued at approximately $1.4 million.
• Major shareholder International Group American sold 30 million shares for over $1 billion, resulting in a 26.34% decrease in their ownership stake.
• Corebridge Financial recently announced a quarterly dividend of $0.24, with a dividend yield of 2.8%, and is projected to report 5.43 earnings per share for the current fiscal year.

Westpac Banking Corp boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 343.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,225 shares of the company's stock after buying an additional 34,253 shares during the period. Westpac Banking Corp's holdings in Corebridge Financial were worth $1,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial in the fourth quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after purchasing an additional 748 shares in the last quarter. Quarry LP purchased a new position in Corebridge Financial during the fourth quarter worth approximately $63,000. Golden State Wealth Management LLC purchased a new position in Corebridge Financial during the first quarter worth approximately $75,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after acquiring an additional 715 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.45 during trading hours on Friday, hitting $33.79. The stock had a trading volume of 2,900,525 shares, compared to its average volume of 4,595,301. The stock's fifty day simple moving average is $34.28 and its 200 day simple moving average is $32.38. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The firm has a market capitalization of $18.20 billion, a price-to-earnings ratio of -55.39, a PEG ratio of 0.57 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the business earned $1.13 earnings per share. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed 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 of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Buying and Selling

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 shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods raised their price target on 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 Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Wells Fargo & Company lifted their price target on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Finally, UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their target price for the company from $28.00 to $37.00 in a report on Friday, July 11th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average price target of $40.70.

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.