Federated Hermes Inc. Raises Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Federated Hermes Inc. raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 162.2% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 342,226 shares of the company's stock after purchasing an additional 211,709 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Corebridge Financial worth $9,966,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRBG. Riverview Trust Co purchased a new stake in Corebridge Financial in the 1st quarter valued at about $25,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $30,000. ORG Partners LLC purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $32,000. Fifth Third Bancorp bought a new stake in Corebridge Financial during the second quarter worth $54,000. Finally, Deseret Mutual Benefit Administrators boosted its position in 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 purchasing an additional 877 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRBG. Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, June 28th. UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, July 9th. Bank of America decreased their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a research note 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 on the stock in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. increased 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. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $33.62.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,932,609 shares of the business's stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, 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 this link. Over the last quarter, insiders have sold 14,964,738 shares of company stock worth $400,732,195. Corporate insiders own 0.09% of the company's stock.

Corebridge Financial Price Performance

CRBG stock traded up $0.05 during mid-day trading on Wednesday, reaching $27.00. 4,187,704 shares of the company traded hands, compared to its average volume of 4,042,061. The company has a fifty day moving average price of $28.11 and a 200-day moving average price of $28.23. Corebridge Financial, Inc. has a 52-week low of $18.71 and a 52-week high of $34.66. The company has a market capitalization of $16.43 billion, a P/E ratio of 7.11, a P/E/G ratio of 0.35 and a beta of 0.97. 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 (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. 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 earned $1.04 earnings per share. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company 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 $0.23 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.41%. Corebridge Financial's payout ratio is currently 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.