Assenagon Asset Management S.A. Acquires New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Assenagon Asset Management S.A. purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 46,296 shares of the company's stock, valued at approximately $1,348,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its stake in shares of Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company's stock valued at $972,257,000 after purchasing an additional 3,059,354 shares during the period. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 6.0% in the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company's stock worth $721,938,000 after acquiring an additional 1,415,265 shares during the period. Norges Bank purchased a new stake in shares of Corebridge Financial during the 4th quarter worth about $225,561,000. Hotchkis & Wiley Capital Management LLC grew its position 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 acquiring an additional 5,157,570 shares during the period. Finally, TD Asset Management Inc increased its stake in shares of Corebridge Financial by 3.1% in the 1st quarter. TD Asset Management Inc now owns 7,389,214 shares of the company's stock valued at $212,292,000 after purchasing an additional 225,283 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

CRBG traded up $0.40 during trading on Friday, reaching $28.73. The company's stock had a trading volume of 2,893,462 shares, compared to its average volume of 4,103,993. 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 firm has a fifty day simple moving average of $28.61 and a two-hundred day simple moving average of $27.77. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 0.37 and a beta of 0.97. Corebridge Financial, Inc. has a 1 year low of $17.58 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.77% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the company posted $1.04 earnings per share. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.73 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Monday, September 16th. Corebridge Financial's dividend payout ratio is currently 24.21%.

Analyst Ratings Changes

A number of equities analysts have issued reports on CRBG shares. UBS Group increased their price target on Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a research report on Tuesday, July 9th. Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, June 28th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, May 6th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Friday, May 10th. Finally, Royal Bank of Canada cut their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.67.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the sale, the insider now owns 294,203,636 shares of the company's stock, valued at approximately $8,590,746,171.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. Insiders own 0.09% of the company's stock.

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.