535,318 Shares in Corebridge Financial, Inc. (NYSE:CRBG) Bought by Panagora Asset Management Inc.

Panagora Asset Management Inc. purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 535,318 shares of the company's stock, valued at approximately $15,588,000. Panagora Asset Management Inc. owned 0.09% of Corebridge Financial as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CRBG. Handelsbanken Fonder AB bought a new position in shares of Corebridge Financial in the 4th quarter valued at about $357,000. New York State Common Retirement Fund raised its position in shares of Corebridge Financial by 25.8% in the fourth quarter. New York State Common Retirement Fund now owns 180,853 shares of the company's stock valued at $3,917,000 after buying an additional 37,040 shares in the last quarter. Headlands Technologies LLC bought a new position in Corebridge Financial in the fourth quarter valued at approximately $65,000. Victory Capital Management Inc. grew its stake in shares of Corebridge Financial by 66.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,464,923 shares of the company's stock worth $31,730,000 after buying an additional 584,809 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Corebridge Financial by 60.6% during the fourth quarter. Amalgamated Bank now owns 48,050 shares of the company's stock worth $1,041,000 after buying an additional 18,137 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the company's stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the transaction, the insider now owns 292,271,027 shares of the company's stock, valued at approximately $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 39,964,738 shares of company stock valued at $1,132,432,195. 0.09% of the stock is currently owned by insiders.

Corebridge Financial Stock Performance

Corebridge Financial stock traded up $0.67 during midday trading on Friday, reaching $29.56. 4,099,243 shares of the company traded hands, compared to its average volume of 4,061,554. The firm has a market capitalization of $17.99 billion, a price-to-earnings ratio of 7.61, a price-to-earnings-growth ratio of 0.37 and a beta of 0.97. The business has a 50 day moving average of $28.58 and a two-hundred day moving average of $27.92. Corebridge Financial, Inc. has a 12 month low of $17.65 and a 12 month high of $34.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating 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 firm had revenue of $4.18 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same period in the previous year, the firm earned $1.04 EPS. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.11%. Corebridge Financial's dividend payout ratio (DPR) is 24.21%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Morgan Stanley dropped their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 2nd. Piper Sandler raised their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, May 6th. UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, July 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $33.67.

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.