Convergence Investment Partners LLC Invests $2.13 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Convergence Investment Partners LLC purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 73,288 shares of the company's stock, valued at approximately $2,134,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Junto Capital Management LP acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $26,232,000. Pzena Investment Management LLC raised its position in shares of Corebridge Financial by 793.0% during the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company's stock worth $34,442,000 after purchasing an additional 1,412,040 shares during the period. Seven Grand Managers LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $4,332,000. Swedbank AB acquired a new position in shares of Corebridge Financial during the second quarter worth approximately $5,639,000. Finally, Williamson Legacy Group LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $716,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares of the company's stock, valued at $7,077,548,560.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.09% of the stock is owned by company insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.67 during trading on Monday, hitting $29.56. 4,099,200 shares of the stock traded hands, compared to its average volume of 4,061,554. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a market cap of $17.99 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 0.39 and a beta of 0.97. The firm's fifty day moving average is $28.58 and its 200-day moving average is $28.02. Corebridge Financial, Inc. has a 52 week low of $17.65 and a 52 week high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly 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 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the company earned $1.04 EPS. Research analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRBG. Jefferies Financial Group upped their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, June 28th. Royal Bank of Canada decreased their price target on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, August 2nd. UBS Group upped their price target on Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, July 9th. Bank of America decreased their price target on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a report on Thursday, July 11th. Finally, Wells Fargo & Company upped their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an "overweight" rating in a report on Friday, May 10th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $33.67.

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.