SEB Asset Management AB Buys New Stake in Corebridge Financial, Inc. $CRBG

SEB Asset Management AB purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBGFree Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,190 shares of the company’s stock, valued at approximately $1,388,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC lifted its holdings in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC grew its holdings in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the period. Clearstead Advisors LLC raised its position in Corebridge Financial by 143.7% during the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after acquiring an additional 983 shares in the last quarter. IFP Advisors Inc raised its position in Corebridge Financial by 98.8% during the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company’s stock valued at $54,000 after acquiring an additional 893 shares in the last quarter. Finally, Key Capital Management INC acquired a new position in Corebridge Financial in the fourth quarter valued at approximately $56,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of analyst reports. Piper Sandler raised their price objective on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Mizuho boosted their target price 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. Jefferies Financial Group increased their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Finally, TD Cowen lifted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.75.

Check Out Our Latest Stock Analysis on CRBG

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by company insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $30.82 on Friday. The business has a 50 day simple moving average of $28.83 and a two-hundred day simple moving average of $27.92. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The stock has a market capitalization of $13.74 billion, a P/E ratio of 56.04, a PEG ratio of 0.39 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBGGet Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Corebridge Financial Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Corebridge Financial (NYSE:CRBG)

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