Cannon Global Investment Management LLC bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 30,000 shares of the company's stock, valued at approximately $875,000. Corebridge Financial comprises about 1.4% of Cannon Global Investment Management LLC's portfolio, making the stock its 17th biggest position.
Other institutional investors have also recently bought and sold shares of the company. Swedbank AB purchased a new stake in shares of Corebridge Financial in the second quarter valued at $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Corebridge Financial during the 1st quarter worth about $1,134,000. Russell Investments Group Ltd. grew its stake in Corebridge Financial by 30.1% during the 1st quarter. Russell Investments Group Ltd. now owns 697,825 shares of the company's stock valued at $19,990,000 after acquiring an additional 161,247 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Corebridge Financial during the 1st quarter valued at about $16,489,000. Finally, Forsta AP Fonden acquired a new position in shares of Corebridge Financial in the 1st quarter valued at about $1,979,000. Hedge funds and other institutional investors own 98.25% of the company's stock.
Corebridge Financial Stock Performance
CRBG traded down $0.15 during trading on Friday, hitting $31.62. The stock had a trading volume of 2,148,398 shares, compared to its average volume of 2,553,520. 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 12 month low of $18.83 and a 12 month high of $34.66. The company has a 50 day simple moving average of $29.38 and a 200-day simple moving average of $29.02. The firm has a market cap of $18.72 billion, a PE ratio of 9.85, a P/E/G ratio of 0.44 and a beta of 0.90.
Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data 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 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 firm earned $1.04 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.65 EPS for the current year.
Insider Transactions at Corebridge Financial
In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction 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 sale, the insider now directly owns 284,238,898 shares of the company's stock, valued at $7,077,548,560.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.08% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on CRBG. Barclays boosted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 8th. Bank of America dropped their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a research note on Thursday, July 11th. UBS Group lifted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, July 9th. Morgan Stanley dropped their target price on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Monday, August 19th. Finally, Piper Sandler reduced their price target on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.46.
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About Corebridge Financial
(
Free Report)
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.
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