Truist Financial Corp Raises Position in Corebridge Financial, Inc. $CRBG

Truist Financial Corp raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 11.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,730,942 shares of the company’s stock after acquiring an additional 175,378 shares during the quarter. Truist Financial Corp’s holdings in Corebridge Financial were worth $61,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock worth $765,571,000 after acquiring an additional 324,692 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock worth $258,880,000 after acquiring an additional 2,780,764 shares during the last quarter. Pzena Investment Management LLC boosted its stake in shares of Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company’s stock worth $254,158,000 after acquiring an additional 3,412,147 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Corebridge Financial by 6.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company’s stock worth $184,034,000 after acquiring an additional 372,270 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock worth $136,920,000 after acquiring an additional 1,470,812 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $32.27 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market cap of $17.37 billion, a P/E ratio of -52.89, a P/E/G ratio of 0.55 and a beta of 1.02. The firm’s fifty day moving average is $33.88 and its two-hundred day moving average is $32.55. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. The company 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 posted $1.13 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.24 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial’s payout ratio is -157.38%.

Analyst Ratings Changes

CRBG has been the topic of several recent analyst reports. Piper Sandler raised their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, July 3rd. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, July 2nd. BMO Capital Markets raised their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley raised their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $40.80.

Corebridge Financial Company 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.