Rhumbline Advisers Acquires 21,695 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Rhumbline Advisers grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 8.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 268,735 shares of the company's stock after acquiring an additional 21,695 shares during the period. Rhumbline Advisers' holdings in Corebridge Financial were worth $7,826,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRBG. Charles Schwab Investment Management Inc. raised its position in Corebridge Financial by 44.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,001,915 shares of the company's stock valued at $43,361,000 after acquiring an additional 619,341 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Corebridge Financial by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 92,524 shares of the company's stock worth $2,004,000 after purchasing an additional 2,828 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Corebridge Financial by 12.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,819 shares of the company's stock worth $538,000 after purchasing an additional 2,817 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Corebridge Financial during the fourth quarter worth $514,000. Finally, Norges Bank bought a new position in Corebridge Financial during the fourth quarter valued at about $225,561,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRBG shares. Jefferies Financial Group increased their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a "buy" rating in a report on Friday, June 28th. Morgan Stanley dropped their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Monday, August 19th. Royal Bank of Canada decreased their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, August 2nd. Bank of America dropped their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, July 2nd. Four research 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $33.62.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction dated Wednesday, August 7th. The shares were 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 of the company's stock, valued at approximately $7,077,548,560.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.09% of the company's stock.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.10 during trading on Friday, hitting $27.41. 2,791,220 shares of the stock were exchanged, compared to its average volume of 4,048,696. The company has a market capitalization of $16.23 billion, a price-to-earnings ratio of 7.21, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1-year low of $18.40 and a 1-year high of $34.66. The company's fifty day simple moving average is $28.26 and its 200-day simple moving average is $28.15.

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, beating analysts' consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period last year, the business earned $1.04 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 dividend on an annualized basis and a yield of 3.36%. Corebridge Financial's dividend 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.