New Century Financial Group LLC Acquires New Stake in Corebridge Financial, Inc. (NYSE:CRBG)

New Century Financial Group LLC bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 41,018 shares of the company's stock, valued at approximately $1,196,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company's stock valued at $625,000 after buying an additional 585 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Corebridge Financial by 2.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company's stock valued at $650,000 after acquiring an additional 597 shares during the period. Xponance Inc. boosted its holdings in Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company's stock valued at $613,000 after acquiring an additional 612 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company's stock worth $740,000 after acquiring an additional 770 shares during the last quarter. Finally, Riverview Trust Co purchased a new position in Corebridge Financial in the 1st quarter worth approximately $25,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of the business's 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 transaction, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by company insiders.

Corebridge Financial Stock Down 0.0 %

Shares of NYSE CRBG traded down $0.01 during mid-day trading on Friday, hitting $31.71. 2,148,623 shares of the stock traded hands, compared to its average volume of 3,936,112. The company has a market cap of $19.29 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 0.42 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 52 week low of $18.83 and a 52 week high of $34.66. The stock has a fifty day moving average price of $28.59 and a 200-day moving average price of $28.71.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion for 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 quarter in the prior year, the business posted $1.04 EPS. Research analysts anticipate that Corebridge Financial, Inc. will post 4.66 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 2.90%. Corebridge Financial's dividend payout ratio is currently 24.21%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley cut their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Monday, August 19th. Bank of America cut their price target 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. UBS Group upped their price objective 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. Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a research note on Friday, August 2nd. Finally, Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target of $34.46.

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.