Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG – Free Report) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 532,153 shares of the company’s stock after buying an additional 20,615 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.11% of Corebridge Financial worth $12,697,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Corebridge Financial during the 4th quarter worth $611,550,000. State Street Corp grew its holdings in shares of Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after purchasing an additional 3,413,384 shares during the period. AQR Capital Management LLC increased its position in Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Amundi raised its stake in Corebridge Financial by 227.7% during the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock worth $107,162,000 after purchasing an additional 2,467,981 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
Corebridge Financial Stock Down 0.3%
Shares of NYSE CRBG opened at $30.71 on Wednesday. The firm has a market cap of $13.69 billion, a price-to-earnings ratio of 55.85, a PEG ratio of 0.35 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The business’s 50 day moving average is $28.20 and its two-hundred day moving average is $27.86.
Corebridge Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.3%. Corebridge Financial’s dividend payout ratio is presently 181.82%.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on CRBG shares. UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Barclays lifted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their price objective on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Wells Fargo & Company increased their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Jefferies Financial Group raised their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.08.
Read Our Latest Report on Corebridge Financial
Insider Transactions at Corebridge Financial
In related news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider directly owned 128,153 shares in the company, valued at $3,844,590. This trade represents a 3.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.
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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