Perpetual Ltd Purchases New Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Perpetual Ltd purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,972 shares of the company's stock, valued at approximately $298,000.

Other hedge funds have also modified their holdings of the company. Public Employees Retirement System of Ohio increased its stake in shares of Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock worth $4,871,000 after acquiring an additional 16,970 shares during the last quarter. Virtu Financial LLC bought a new stake in Corebridge Financial in the third quarter worth $581,000. State Street Corp boosted its holdings in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company's stock worth $234,313,000 after purchasing an additional 843,559 shares in the last quarter. Qsemble Capital Management LP bought a new stake in Corebridge Financial in the third quarter worth $2,370,000. Finally, First Hawaiian Bank bought a new stake in Corebridge Financial in the fourth quarter worth $1,168,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on CRBG. Wells Fargo & Company decreased their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, January 14th. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. BMO Capital Markets began coverage on shares of Corebridge Financial in a report on Thursday. They set an "outperform" rating and a $43.00 price target for the company. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target for the company in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and upped their price target for the company from $33.00 to $40.00 in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.43.

Corebridge Financial Price Performance

NYSE:CRBG traded up $0.58 during mid-day trading on Friday, hitting $33.22. The company's stock had a trading volume of 2,862,112 shares, compared to its average volume of 3,346,534. Corebridge Financial, Inc. has a fifty-two week low of $23.01 and a fifty-two week high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $18.90 billion, a price-to-earnings ratio of -15.89, a P/E/G ratio of 0.36 and a beta of 0.92. The stock has a fifty day moving average of $30.97 and a 200-day moving average of $29.79.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $1.05 earnings per share. The company's quarterly revenue was up 39.5% compared to the same quarter last year. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial's dividend payout ratio (DPR) is presently -44.02%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company's stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.08% of the company's stock.

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.