State of New Jersey Common Pension Fund D Sells 34,162 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

State of New Jersey Common Pension Fund D lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 26.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 95,558 shares of the company's stock after selling 34,162 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Corebridge Financial were worth $2,783,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CRBG. Headlands Technologies LLC increased its holdings in shares of Corebridge Financial by 169.2% during the second quarter. Headlands Technologies LLC now owns 2,565 shares of the company's stock valued at $75,000 after acquiring an additional 1,612 shares in the last quarter. Andra AP fonden increased its stake in Corebridge Financial by 51.3% during the 2nd quarter. Andra AP fonden now owns 104,700 shares of the company's stock valued at $3,049,000 after purchasing an additional 35,501 shares in the last quarter. Prudential PLC purchased a new position in Corebridge Financial in the second quarter worth about $288,000. Kerusso Capital Management LLC bought a new position in shares of Corebridge Financial in the second quarter worth approximately $3,330,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Corebridge Financial by 1.6% in the second quarter. Acadian Asset Management LLC now owns 2,871,908 shares of the company's stock worth $83,613,000 after buying an additional 43,945 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CRBG shares. JPMorgan Chase & Co. boosted their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday, July 2nd. Bank of America lowered their price target on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. Barclays began coverage on Corebridge Financial in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $33.00 price objective for the company. UBS Group upped 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. Finally, Royal Bank of Canada dropped 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. Four investment 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.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average target price of $33.62.

Corebridge Financial Stock Performance

CRBG traded up $0.96 during trading on Thursday, hitting $27.98. The company's stock had a trading volume of 2,810,458 shares, compared to its average volume of 4,035,257. Corebridge Financial, Inc. has a one year low of $18.83 and a one year high of $34.66. The business's 50 day simple moving average is $28.07 and its 200-day simple moving average is $28.22. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The firm has a market cap of $17.02 billion, a PE ratio of 7.36, a P/E/G ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the company posted $1.04 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company 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 dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's payout ratio is 24.21%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction on 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 sale, the insider now directly owns 292,271,027 shares of the company's stock, valued at $8,534,313,988.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 14,964,738 shares of company stock valued at $400,732,195 over the last 90 days. 0.09% of the stock is currently owned by corporate insiders.

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.