Kerusso Capital Management LLC Purchases New Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Kerusso Capital Management LLC purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 114,370 shares of the company's stock, valued at approximately $3,330,000. Corebridge Financial comprises 2.4% of Kerusso Capital Management LLC's investment portfolio, making the stock its 11th biggest position.

A number of other hedge funds have also modified their holdings of the business. Riverview Trust Co acquired a new stake in shares of Corebridge Financial during the first quarter worth $25,000. LRI Investments LLC acquired a new stake in Corebridge Financial in the 2nd quarter worth about $30,000. ORG Partners LLC purchased a new stake in Corebridge Financial in the 2nd quarter valued at about $32,000. Fifth Third Bancorp acquired a new position in shares of Corebridge Financial during the 2nd quarter valued at about $54,000. Finally, Deseret Mutual Benefit Administrators increased its stake in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock valued at $60,000 after acquiring an additional 877 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating for the company in a research note on Monday, August 19th. Royal Bank of Canada cut their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 2nd. UBS Group increased their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, July 9th. Finally, Jefferies Financial Group lifted their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, June 28th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average target price of $33.62.

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.82 during mid-day trading on Friday, reaching $26.81. The company's stock had a trading volume of 5,105,235 shares, compared to its average volume of 4,060,804. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The firm's 50-day moving average is $28.48 and its two-hundred day moving average is $28.12. Corebridge Financial, Inc. has a 1-year low of $17.80 and a 1-year high of $34.66. The company has a market cap of $16.31 billion, a P/E ratio of 7.06, a PEG ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter in the prior year, the firm earned $1.04 EPS. On average, research analysts predict that Corebridge Financial, Inc. will post 4.75 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. Stockholders of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Monday, September 16th. Corebridge Financial's payout ratio is currently 24.21%.

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.