Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA increased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,199,075 shares of the company's stock after buying an additional 227,973 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.68% of Corebridge Financial worth $296,997,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Corebridge Financial in the first quarter worth $25,000. LRI Investments LLC purchased a new position in Corebridge Financial in the second quarter valued at about $30,000. ORG Partners LLC purchased a new position in Corebridge Financial in the second quarter valued at about $32,000. Fifth Third Bancorp acquired a new position in shares of Corebridge Financial during the second quarter worth about $54,000. Finally, Deseret Mutual Benefit Administrators boosted its position in shares of Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock worth $60,000 after buying an additional 877 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded down $0.22 during midday trading on Tuesday, hitting $26.96. The company's stock had a trading volume of 4,953,978 shares, compared to its average volume of 4,041,247. 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 $18.44 and a 1-year high of $34.66. The firm's fifty day moving average price is $28.22 and its 200-day moving average price is $28.22. The firm has a market cap of $16.40 billion, a P/E ratio of 7.13, a P/E/G ratio of 0.35 and a beta of 0.97.

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. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $1.04 earnings per share. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Monday, September 16th. Corebridge Financial's payout ratio is 24.21%.

Insider Activity

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

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Jefferies Financial Group boosted their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, June 28th. Bank of America reduced their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Thursday, July 11th. Royal Bank of Canada lowered their price target 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. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, July 9th. Finally, Barclays started coverage on Corebridge Financial in a research note on Wednesday, September 4th. They set an "equal weight" rating and a $33.00 target price for the company. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $33.62.

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.