Vest Financial LLC Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Vest Financial LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 43.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,891 shares of the company's stock after buying an additional 16,397 shares during the quarter. Vest Financial LLC's holdings in Corebridge Financial were worth $1,571,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new position in shares of Corebridge Financial during the first quarter worth about $25,000. ORG Wealth Partners LLC acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $29,000. LRI Investments LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $30,000. ORG Partners LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $32,000. Finally, Fifth Third Bancorp acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $54,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares of the company's stock, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.09% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on CRBG. TD Cowen initiated coverage on Corebridge Financial in a research report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price objective for the company. Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, June 28th. JPMorgan Chase & Co. upped their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 2nd. Bank of America reduced 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 report on Thursday, July 11th. Finally, Morgan Stanley decreased their price target on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $34.46.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded down $0.26 during trading on Monday, reaching $31.45. The company had a trading volume of 1,909,135 shares, compared to its average volume of 3,925,965. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The stock has a 50-day moving average price of $28.69 and a two-hundred day moving average price of $28.73. The stock has a market capitalization of $19.14 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share 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 firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the company posted $1.04 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.66 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial's payout ratio is 24.21%.

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.