Summit Global Investments Invests $649,000 in Corebridge Financial, Inc. (NYSE:CRBG)

Summit Global Investments purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 22,248 shares of the company's stock, valued at approximately $649,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its holdings in Corebridge Financial by 2.8% during the 2nd 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 stake in shares of Corebridge Financial by 2.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company's stock worth $650,000 after purchasing an additional 597 shares during the period. Xponance Inc. grew 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 purchasing an additional 612 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company's stock worth $740,000 after purchasing an additional 770 shares during the period. Finally, Deseret Mutual Benefit Administrators lifted its stake in Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock worth $60,000 after purchasing an additional 877 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Down 3.2 %

Shares of CRBG traded down $1.03 during midday trading on Friday, hitting $30.82. 14,126,324 shares of the company's stock traded hands, compared to its average volume of 2,815,120. The firm's fifty day moving average is $29.63 and its 200-day moving average is $29.16. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The stock has a market capitalization of $17.53 billion, a price-to-earnings ratio of -14.75, a price-to-earnings-growth ratio of 0.44 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company's revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.7 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.99%. Corebridge Financial's dividend payout ratio is currently -44.02%.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the firm's stock in a transaction 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 transaction, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent analyst reports. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. TD Cowen started coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price objective on the stock. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Finally, Piper Sandler dropped their target price 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. Three 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, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average price target of $34.85.

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.