Corebridge Financial, Inc. $CRBG Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 5.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 404,177 shares of the company’s stock after buying an additional 20,909 shares during the quarter. Retirement Systems of Alabama owned 0.09% of Corebridge Financial worth $13,386,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Fulcrum Asset Management LLP acquired a new stake in Corebridge Financial during the third quarter worth $1,638,000. Brighton Jones LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $222,000. Pictet Asset Management Holding SA grew its stake in shares of Corebridge Financial by 0.6% in the 3rd quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock valued at $3,328,000 after purchasing an additional 580 shares during the period. Parallel Advisors LLC lifted its position in shares of Corebridge Financial by 59.8% during the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock worth $39,000 after buying an additional 446 shares during the period. Finally, Rakuten Investment Management Inc. boosted its stake in Corebridge Financial by 20.8% in the 3rd quarter. Rakuten Investment Management Inc. now owns 16,666 shares of the company’s stock valued at $563,000 after buying an additional 2,869 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 356,096 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were bought at an average cost of $36.13 per share, for a total transaction of $12,865,748.48. Following the completion of the acquisition, the insider directly owned 132,890,209 shares of the company’s stock, valued at approximately $4,801,323,251.17. This trade represents a 0.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Argon Holdco Llc sold 3,227,700 shares of the stock in a transaction on Friday, November 6th. The stock was sold at an average price of $34.09, for a total transaction of $110,032,293.00. Following the transaction, the insider owned 44,234,423 shares of the company’s stock, valued at $1,507,951,480.07. The trade was a 6.80% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders acquired 10,729,538 shares of company stock worth $369,813,983 and sold 3,244,181 shares worth $110,594,103. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of several analyst reports. UBS Group upped their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Weiss Ratings upgraded Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Wells Fargo & Company increased their target price on Corebridge Financial from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 7th. Finally, Piper Sandler boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.27.

Corebridge Financial Stock Down 0.3%

Shares of NYSE:CRBG opened at $36.02 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.71. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $15.80 billion, a PE ratio of 7.84, a PEG ratio of 0.53 and a beta of 1.05. The company has a 50 day moving average price of $34.68 and a two-hundred day moving average price of $30.08.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.01). The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The business’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.96 EPS. Analysts forecast that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is 21.46%.

Corebridge Financial Profile

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.