CWA Asset Management Group LLC Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

CWA Asset Management Group LLC acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 66,637 shares of the company's stock, valued at approximately $1,943,000.

Other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in shares of Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company's stock valued at $625,000 after acquiring an additional 585 shares during the period. Commonwealth Equity Services LLC raised its holdings in Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company's stock worth $650,000 after purchasing an additional 597 shares during the period. Xponance Inc. boosted its position in shares of Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company's stock worth $613,000 after purchasing an additional 612 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Corebridge Financial by 3.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company's stock worth $740,000 after purchasing an additional 770 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators increased its position in shares of Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock valued at $60,000 after buying an additional 877 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Analysts Set New Price Targets

CRBG has been the topic of several recent analyst reports. Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. Morgan Stanley boosted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a report on Wednesday, October 2nd. TD Cowen began coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, Barclays increased their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus price target of $34.85.

Corebridge Financial Stock Down 3.2 %

Shares of NYSE:CRBG traded down $1.03 during midday trading on Friday, reaching $30.82. The company had a trading volume of 14,126,324 shares, compared to its average volume of 2,815,120. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year high of $34.66. The stock has a market cap of $17.53 billion, a PE ratio of -14.75, a P/E/G ratio of 0.44 and a beta of 0.90. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The business's 50 day moving average price is $29.63 and its 200 day moving average price is $29.16.

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 for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business's quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 EPS. Research analysts forecast that Corebridge Financial, Inc. will post 4.7 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial's dividend payout ratio is currently -44.02%.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.08% of the company's stock.

Corebridge Financial Profile

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.