New York Life Investment Management LLC Increases Stock Holdings in Corebridge Financial, Inc. $CRBG

New York Life Investment Management LLC boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 38.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,303 shares of the company’s stock after buying an additional 10,975 shares during the quarter. New York Life Investment Management LLC’s holdings in Corebridge Financial were worth $1,395,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Corebridge Financial by 26.9% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 65,100 shares of the company’s stock worth $2,311,000 after buying an additional 13,800 shares during the period. Teacher Retirement System of Texas boosted its stake in Corebridge Financial by 2.2% during the second quarter. Teacher Retirement System of Texas now owns 38,105 shares of the company’s stock worth $1,353,000 after buying an additional 819 shares during the period. Envestnet Asset Management Inc. boosted its stake in Corebridge Financial by 7.0% during the second quarter. Envestnet Asset Management Inc. now owns 1,560,745 shares of the company’s stock worth $55,406,000 after buying an additional 102,228 shares during the period. Nisa Investment Advisors LLC boosted its stake in Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after buying an additional 603 shares during the period. Finally, Brighton Jones LLC purchased a new position in Corebridge Financial during the second quarter worth about $326,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 2.6%

Shares of NYSE:CRBG opened at $32.57 on Friday. The firm’s 50 day moving average price is $32.78 and its 200 day moving average price is $32.88. The stock has a market cap of $17.54 billion, a price-to-earnings ratio of -53.38, a price-to-earnings-growth ratio of 0.50 and a beta of 1.02. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. 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 (NYSE:CRBG) last released 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. 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 analysts’ expectations of $4.85 billion. During the same quarter last year, the company earned $1.13 earnings per share. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is presently -157.38%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider owned 82,711,853 shares of the company’s stock, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRBG. Keefe, Bruyette & Woods lowered their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Barclays lowered their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective 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. Weiss Ratings reissued a “hold (c-)” rating on shares of Corebridge Financial in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.91.

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.