Corient Private Wealth LP Takes Position in Corebridge Financial, Inc. $CRBG

Corient Private Wealth LP bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBGFree Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 72,611 shares of the company’s stock, valued at approximately $2,079,000.

Several other large investors have also made changes to their positions in the business. Pzena Investment Management LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $967,400,000. BlackRock Inc. purchased a new stake in Corebridge Financial in the 2nd quarter worth $726,494,000. Norges Bank purchased a new stake in Corebridge Financial in the 4th quarter worth $611,550,000. State Street Corp raised its position 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 acquiring an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after acquiring an additional 2,689,611 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $33.52 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $34.81. The firm has a market capitalization of $14.94 billion, a PE ratio of 19.60, a P/E/G ratio of 0.41 and a beta of 1.08. The business’s 50 day moving average price is $31.68 and its 200-day moving average price is $28.34.

Corebridge Financial (NYSE:CRBGGet Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion during 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 period in the prior year, the company earned $1.36 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Insider Transactions at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the transaction, the executive vice president directly owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. 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 sold 24,409 shares of company stock valued at $805,626 over the last quarter. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent analyst reports. Mizuho increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Piper Sandler boosted their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Read Our Latest Stock Report on CRBG

Corebridge Financial 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.

Further Reading

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

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