AustralianSuper Pty Ltd Buys Shares of 629,386 Corebridge Financial, Inc. (NYSE:CRBG)

AustralianSuper Pty Ltd purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 629,386 shares of the company's stock, valued at approximately $18,328,000. AustralianSuper Pty Ltd owned about 0.10% of Corebridge Financial at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Corebridge Financial during the 1st quarter valued at $25,000. LRI Investments LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at $30,000. ORG Partners LLC purchased a new stake in Corebridge Financial during the 2nd quarter worth about $32,000. Vestor Capital LLC bought a new position in Corebridge Financial in the 4th quarter worth about $43,000. Finally, Fifth Third Bancorp purchased a new position in Corebridge Financial during the 2nd quarter valued at about $54,000. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on CRBG. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a "neutral" rating in a research report on Tuesday, July 2nd. UBS Group raised their price target on Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a report on Tuesday, July 9th. Morgan Stanley cut their price objective on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Monday, August 19th. Wells Fargo & Company upped their price objective 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. Finally, Piper Sandler lifted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average target price of $33.67.

Corebridge Financial Trading Up 0.7 %

NYSE CRBG traded up $0.21 during trading on Tuesday, hitting $28.87. The company had a trading volume of 1,765,222 shares, compared to its average volume of 4,080,542. The company's fifty day moving average is $28.61 and its 200-day moving average is $27.87. Corebridge Financial, Inc. has a one year low of $17.65 and a one year 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 0.94. The company has a market cap of $17.57 billion, a price-to-earnings ratio of 7.57, a price-to-earnings-growth ratio of 0.37 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.77% and a net margin of 10.16%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the company earned $1.04 EPS. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's dividend payout ratio is 24.21%.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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.

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