Natixis Advisors LLC Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Natixis Advisors LLC bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 52,986 shares of the company's stock, valued at approximately $1,543,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Junto Capital Management LP purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at about $26,232,000. Pzena Investment Management LLC increased its holdings in Corebridge Financial by 793.0% in the 4th quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company's stock worth $34,442,000 after acquiring an additional 1,412,040 shares in the last quarter. Swedbank AB purchased a new stake in shares of Corebridge Financial in the second quarter worth $5,639,000. Williamson Legacy Group LLC purchased a new position in shares of Corebridge Financial in the fourth quarter valued at about $716,000. Finally, Wellington Management Group LLP lifted its holdings in Corebridge Financial by 14,292.5% in the 4th quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company's stock worth $53,280,000 after purchasing an additional 2,442,729 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of the firm's stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CRBG shares. Morgan Stanley dropped their price target on 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 reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Bank of America decreased their price objective on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a report on Thursday, July 11th. UBS Group increased their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, July 9th. Finally, Barclays started coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They set an "equal weight" rating and a $33.00 price objective for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.62.

Corebridge Financial Stock Performance

CRBG stock traded up $0.20 during midday trading on Wednesday, hitting $26.81. 3,097,952 shares of the stock traded hands, compared to its average volume of 4,064,769. The firm has a market cap of $16.31 billion, a P/E ratio of 6.89, a PEG ratio of 0.35 and a beta of 0.97. The stock's fifty day simple moving average is $28.37 and its 200-day simple moving average is $28.14. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a 1-year low of $18.24 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The business had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $5.73 billion. During the same period in the prior year, the business earned $1.04 earnings per share. On average, analysts expect that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared 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 is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.43%. Corebridge Financial's dividend payout ratio is presently 24.21%.

About Corebridge Financial

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.