Wealthfront Advisers LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,706 shares of the company’s stock, valued at approximately $679,000.
A number of other institutional investors have also bought and sold shares of CRBG. Pzena Investment Management LLC acquired a new stake in Corebridge Financial during the 2nd quarter worth about $967,400,000. Vanguard Group Inc. lifted its stake in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after purchasing an additional 311,133 shares during the period. BlackRock Inc. bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $726,494,000. Norges Bank bought a new stake in shares of Corebridge Financial during the 4th quarter valued at about $611,550,000. Finally, State Street Corp grew its stake in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. Institutional investors own 98.25% of the company’s stock.
Insider Buying and Selling
In related news, EVP Elizabeth B. Cropper sold 7,745 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $805,626 over the last three months. Insiders own 0.32% of the company’s stock.
Corebridge Financial Trading Up 0.3%
Corebridge Financial (NYSE:CRBG – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the previous year, the business earned $1.36 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.
Corebridge Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.
Wall Street Analyst Weigh In
A number of research firms have issued reports on CRBG. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Mizuho lifted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Piper Sandler raised their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Finally, 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 note on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.42.
View Our Latest Report on Corebridge Financial
Corebridge Financial Company Profile
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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