Los Angeles Capital Management LLC Buys 33,142 Shares of Corebridge Financial, Inc. $CRBG

Los Angeles Capital Management LLC lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 41.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 113,579 shares of the company’s stock after buying an additional 33,142 shares during the period. Los Angeles Capital Management LLC’s holdings in Corebridge Financial were worth $4,032,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. IFP Advisors Inc grew its position in Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after acquiring an additional 673 shares during the last quarter. Assetmark Inc. lifted its position in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Brooklyn Investment Group boosted its stake in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after purchasing an additional 581 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after purchasing an additional 603 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings in shares of Corebridge Financial by 2,750.6% in the second quarter. Golden State Wealth Management LLC now owns 2,195 shares of the company’s stock worth $78,000 after purchasing an additional 2,118 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the 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 completion of the transaction, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This trade represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Stock Up 0.6%

Shares of NYSE:CRBG opened at $30.13 on Tuesday. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The firm has a market capitalization of $15.68 billion, a P/E ratio of 17.93, a P/E/G ratio of 0.43 and a beta of 1.02. The stock has a 50 day moving average price of $32.25 and a 200-day moving average price of $33.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.23 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s payout ratio is 57.14%.

Analysts Set New Price Targets

CRBG has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lowered their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Evercore ISI cut their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Wolfe Research assumed coverage on Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating on the stock. Finally, Barclays reduced their price target on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $39.73.

About Corebridge Financial

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.