Factory Mutual Insurance Co. Has $24 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Factory Mutual Insurance Co. reduced its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 18.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 835,500 shares of the company's stock after selling 192,700 shares during the period. Factory Mutual Insurance Co. owned about 0.13% of Corebridge Financial worth $24,004,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. American International Group Inc. grew its stake in shares of Corebridge Financial by 25,998,738.6% during the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company's stock valued at $7,022,291,000 after buying an additional 324,204,270 shares during the period. Norges Bank purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at $225,561,000. Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 39.0% during the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company's stock valued at $513,626,000 after buying an additional 6,648,673 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Corebridge Financial by 106.3% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company's stock valued at $216,831,000 after buying an additional 5,157,570 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at $105,728,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the transaction, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.09% of the company's stock.

Analyst Ratings Changes

CRBG has been the subject of a number of research reports. Morgan Stanley upped their price target on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Monday, April 15th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, May 10th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a report on Monday, May 6th. Royal Bank of Canada reiterated an "outperform" rating and issued a $32.00 price objective on shares of Corebridge Financial in a report on Friday, April 12th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $29.55.

Corebridge Financial Stock Performance

NYSE CRBG traded down $0.22 on Tuesday, hitting $29.33. The stock had a trading volume of 2,484,802 shares, compared to its average volume of 4,496,967. Corebridge Financial, Inc. has a one year low of $16.53 and a one year high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. The stock has a market cap of $17.85 billion, a price-to-earnings ratio of 7.72, a P/E/G ratio of 0.32 and a beta of 0.99. The company's 50-day moving average is $29.06 and its two-hundred day moving average is $26.17.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The firm had revenue of $5.85 billion during the quarter, compared to analysts' expectations of $5.50 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. On average, analysts expect that Corebridge Financial, Inc. will post 4.95 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Friday, June 14th. Corebridge Financial's dividend payout ratio (DPR) is presently 24.21%.

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.