State of Michigan Retirement System Acquires New Position in Corebridge Financial, Inc. $CRBG

State of Michigan Retirement System acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,800 shares of the company’s stock, valued at approximately $206,000.

A number of other institutional investors also recently bought and sold shares of the company. Strs Ohio increased its holdings in shares of Corebridge Financial by 5.6% during the 2nd quarter. Strs Ohio now owns 61,002 shares of the company’s stock worth $2,166,000 after buying an additional 3,243 shares during the last quarter. Assetmark Inc. lifted its holdings in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after acquiring an additional 356 shares during the last quarter. New York Life Investment Management LLC grew its position in Corebridge Financial by 38.7% in the second quarter. New York Life Investment Management LLC now owns 39,303 shares of the company’s stock worth $1,395,000 after acquiring an additional 10,975 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Corebridge Financial by 26.9% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 65,100 shares of the company’s stock worth $2,311,000 after acquiring an additional 13,800 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in Corebridge Financial by 2.2% in the second quarter. Teacher Retirement System of Texas now owns 38,105 shares of the company’s stock valued at $1,353,000 after purchasing an additional 819 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. Evercore ISI decreased their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wolfe Research began coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating for the company. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and boosted their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $39.73.

Corebridge Financial Stock Down 0.0%

Shares of CRBG opened at $29.90 on Friday. The company’s 50-day simple moving average is $32.34 and its 200-day simple moving average is $32.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.12 and a current ratio of 0.13. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The stock has a market capitalization of $15.56 billion, a PE ratio of 17.80, a P/E/G ratio of 0.43 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 3rd. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.Corebridge Financial’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.23 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio is currently 57.14%.

Corebridge Financial Company 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.