Franklin Resources Inc. Raises Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Franklin Resources Inc. lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 68.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 423,654 shares of the company's stock after purchasing an additional 172,397 shares during the period. Franklin Resources Inc. owned 0.07% of Corebridge Financial worth $12,981,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its stake in Corebridge Financial by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company's stock worth $305,709,000 after buying an additional 284,781 shares during the last quarter. State Street Corp increased its position in Corebridge Financial by 11.7% during 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 during the last quarter. TD Asset Management Inc increased its position in Corebridge Financial by 0.5% during the second quarter. TD Asset Management Inc now owns 7,426,483 shares of the company's stock worth $216,259,000 after purchasing an additional 37,269 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company's stock valued at $183,894,000 after purchasing an additional 4,507,322 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Corebridge Financial by 13.5% in the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company's stock valued at $146,678,000 after buying an additional 598,373 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on CRBG shares. Barclays upped their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. DOWLING & PARTN lowered Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Morgan Stanley raised their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Piper Sandler increased their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.08.

Insider Activity at Corebridge Financial

In related 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 stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Corebridge Financial Stock Up 2.0 %

CRBG stock traded up $0.57 during mid-day trading on Friday, reaching $29.66. The company had a trading volume of 5,506,747 shares, compared to its average volume of 3,957,128. Corebridge Financial, Inc. has a fifty-two week low of $21.40 and a fifty-two week high of $34.66. The company has a market capitalization of $16.87 billion, a price-to-earnings ratio of -14.19, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a fifty day simple moving average of $31.24 and a 200 day simple moving average of $29.52.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 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 company had revenue of $5.53 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the business posted $1.05 EPS. The firm's revenue was up 39.5% on a year-over-year basis. Analysts forecast that Corebridge Financial, Inc. will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial's dividend payout ratio (DPR) is presently -44.02%.

Corebridge Financial Company 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.