New Century Financial Group LLC purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 41,018 shares of the company's stock, valued at approximately $1,196,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Riverview Trust Co purchased a new position in shares of Corebridge Financial during the first quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new stake in shares of Corebridge Financial in the third quarter valued at $29,000. LRI Investments LLC acquired a new position in Corebridge Financial in the second quarter valued at $30,000. ORG Partners LLC purchased a new position in Corebridge Financial during the second quarter worth about $32,000. Finally, Fifth Third Bancorp acquired a new stake in Corebridge Financial in the 2nd quarter worth about $54,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently commented on CRBG. JPMorgan Chase & Co. upped their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a "neutral" rating in a research note on Tuesday, July 2nd. 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 research note on Monday, August 19th. Piper Sandler lowered their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a research note on Wednesday, October 2nd. UBS Group upped their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.46.
View Our Latest Stock Analysis on CRBG
Shares of NYSE:CRBG opened at $31.71 on Friday. The business's 50-day simple moving average is $28.59 and its 200 day simple moving average is $28.71. The company has a market cap of $19.29 billion, a P/E ratio of 8.34, a PEG ratio of 0.42 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a one year low of $18.83 and a one year high of $34.66.
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 (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter last year, the firm posted $1.04 earnings per share. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.23 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 2.90%. Corebridge Financial's payout ratio is currently 24.21%.
In related news, major shareholder International Group American sold 8,032,129 shares of the business's stock in a transaction dated 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.09% of the company's stock.
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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