Los Angeles Capital Management LLC Makes New $1.25 Million Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Los Angeles Capital Management LLC purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 42,793 shares of the company's stock, valued at approximately $1,246,000.

Other large investors also recently bought and sold shares of the company. Deseret Mutual Benefit Administrators lifted its position in shares of Corebridge Financial by 73.2% during the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock worth $60,000 after purchasing an additional 877 shares during the last quarter. TD Asset Management Inc boosted its position in Corebridge Financial by 0.5% in the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company's stock valued at $216,259,000 after buying an additional 37,269 shares during the period. Fiera Capital Corp boosted its position in Corebridge Financial by 1.1% in the 2nd quarter. Fiera Capital Corp now owns 1,802,735 shares of the company's stock valued at $52,496,000 after buying an additional 19,771 shares during the period. Rhumbline Advisers raised its stake in shares of Corebridge Financial by 8.8% during the second quarter. Rhumbline Advisers now owns 268,735 shares of the company's stock valued at $7,826,000 after acquiring an additional 21,695 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of Corebridge Financial in the second quarter valued at approximately $547,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday, July 2nd. Royal Bank of Canada lowered their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Barclays started coverage on shares of Corebridge Financial in a report on Wednesday, September 4th. They set an "equal weight" rating and a $33.00 target price on the stock. Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a "buy" rating in a report on Friday, June 28th. Finally, Morgan Stanley cut their price objective 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. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.62.

Insider Buying and Selling

In related news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.09% of the company's stock.

Corebridge Financial Stock Up 2.6 %

Shares of Corebridge Financial stock traded up $0.70 during trading on Thursday, reaching $27.51. The company's stock had a trading volume of 2,493,494 shares, compared to its average volume of 4,055,841. The company has a 50-day simple moving average of $28.29 and a two-hundred day simple moving average of $28.13. Corebridge Financial, Inc. has a 1-year low of $18.24 and a 1-year high of $34.66. The company has a market cap of $16.74 billion, a price-to-earnings ratio of 7.24, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 23.57% and a net margin of 10.16%. During the same quarter in the previous year, the firm earned $1.04 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.75 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 paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's payout ratio is 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.