AustralianSuper Pty Ltd Raises Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

AustralianSuper Pty Ltd increased its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 48.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 934,989 shares of the company's stock after purchasing an additional 305,603 shares during the period. AustralianSuper Pty Ltd owned approximately 0.15% of Corebridge Financial worth $27,264,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Canada Pension Plan Investment Board increased its position in Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company's stock valued at $183,894,000 after acquiring an additional 4,507,322 shares during the last quarter. Donald Smith & CO. Inc. bought a new position in Corebridge Financial during the first quarter valued at $89,013,000. Capital Research Global Investors increased its position in Corebridge Financial by 9.9% during the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company's stock valued at $972,257,000 after acquiring an additional 3,059,354 shares during the last quarter. Marshall Wace LLP increased its position in Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company's stock valued at $116,723,000 after acquiring an additional 2,677,105 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Corebridge Financial by 150.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company's stock valued at $103,707,000 after acquiring an additional 2,137,594 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. TD Cowen assumed coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price target on the stock. Morgan Stanley cut their price target 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. Piper Sandler cut their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a report on Wednesday, October 2nd. Finally, Barclays upped their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $34.46.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the firm's stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company's stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded down $0.31 during midday trading on Thursday, reaching $31.77. 2,745,195 shares of the stock were exchanged, compared to its average volume of 3,871,217. The firm has a market cap of $18.81 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 0.42 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The firm has a 50-day simple moving average of $29.25 and a two-hundred day simple moving average of $28.93. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the firm posted $1.04 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.66 EPS for the current fiscal year.

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.