BOCHK Asset Management Ltd Invests $3.27 Million in Corebridge Financial, Inc. (NYSE:CRBG)

BOCHK Asset Management Ltd purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 112,000 shares of the company's stock, valued at approximately $3,266,000. Corebridge Financial makes up 1.0% of BOCHK Asset Management Ltd's portfolio, making the stock its 27th biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. IFM Investors Pty Ltd raised its position in Corebridge Financial by 5.6% in the third quarter. IFM Investors Pty Ltd now owns 41,915 shares of the company's stock worth $1,222,000 after acquiring an additional 2,204 shares in the last quarter. Vest Financial LLC raised its position in Corebridge Financial by 43.7% in the third quarter. Vest Financial LLC now owns 53,891 shares of the company's stock worth $1,571,000 after acquiring an additional 16,397 shares in the last quarter. New Century Financial Group LLC purchased a new position in Corebridge Financial in the 3rd quarter worth about $1,196,000. Raymond James & Associates increased its stake in Corebridge Financial by 36.6% in the 3rd quarter. Raymond James & Associates now owns 206,251 shares of the company's stock worth $6,014,000 after purchasing an additional 55,292 shares in the last quarter. Finally, Seven Grand Managers LLC increased its stake in Corebridge Financial by 100.0% in the 3rd quarter. Seven Grand Managers LLC now owns 300,000 shares of the company's stock worth $8,748,000 after purchasing an additional 150,000 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the business's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares of the company's stock, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.09% of the stock is currently owned by company insiders.

Corebridge Financial Stock Up 1.3 %

NYSE:CRBG traded up $0.42 on Thursday, hitting $31.87. 2,352,500 shares of the company's stock traded hands, compared to its average volume of 3,907,937. The company has a market cap of $19.39 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97. The firm has a 50-day moving average price of $28.87 and a 200-day moving average price of $28.77. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. 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 (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion during the quarter, compared to analysts' expectations 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 previous year, the business posted $1.04 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.66 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.23 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 2.89%. Corebridge Financial's payout ratio is 24.21%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. UBS Group lifted their price target on Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, July 9th. Piper Sandler dropped their price target on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 2nd. Barclays lifted their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their price target 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. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.