Cornercap Investment Counsel Inc. Acquires Shares of 41,732 Corebridge Financial, Inc. (NYSE:CRBG)

Cornercap Investment Counsel Inc. acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 41,732 shares of the company's stock, valued at approximately $1,215,000.

Other hedge funds have also added to or reduced their stakes in the company. Riverview Trust Co bought a new position in shares of Corebridge Financial in the 1st quarter valued at about $25,000. LRI Investments LLC bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $30,000. ORG Partners LLC bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $32,000. Fifth Third Bancorp bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $54,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in shares of Corebridge Financial by 73.2% in 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 in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Activity

In other news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial 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 completion of the sale, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.09% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, July 2nd. Barclays started coverage on Corebridge Financial in a report on Wednesday, September 4th. They set an "equal weight" rating and a $33.00 price target for the company. Morgan Stanley reduced their price target on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Monday, August 19th. Royal Bank of Canada reduced 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. Finally, Jefferies Financial Group lifted 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. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.62.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.10 during trading on Friday, reaching $27.41. 2,791,209 shares of the stock were exchanged, compared to its average volume of 4,048,696. Corebridge Financial, Inc. has a 12 month low of $18.40 and a 12 month high of $34.66. The firm has a market cap of $16.23 billion, a PE ratio of 7.36, a PEG ratio of 0.35 and a beta of 0.97. The stock has a 50-day moving average price of $28.29 and a 200-day moving average price of $28.13. The company has a current ratio of 0.14, a quick 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 data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $5.73 billion. During the same quarter in the previous year, the company posted $1.04 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.36%. Corebridge Financial's payout ratio is 24.21%.

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.