Wellington Management Group LLP Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Wellington Management Group LLP boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 14,292.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,459,820 shares of the company’s stock after purchasing an additional 2,442,729 shares during the quarter. Wellington Management Group LLP owned about 0.40% of Corebridge Financial worth $53,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of CRBG. American International Group Inc. grew its position in Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after acquiring an additional 324,204,270 shares during the last quarter. Capital Research Global Investors grew its position in Corebridge Financial by 6.5% during the fourth quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock valued at $666,734,000 after acquiring an additional 1,865,841 shares during the last quarter. Vanguard Group Inc. grew its position in Corebridge Financial by 10.1% during the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after acquiring an additional 1,566,275 shares during the last quarter. Norges Bank bought a new position in Corebridge Financial during the fourth quarter valued at approximately $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC grew its position in Corebridge Financial by 106.3% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after acquiring an additional 5,157,570 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $29.66 on Friday. The stock has a market cap of $18.05 billion, a P/E ratio of 7.81, a price-to-earnings-growth ratio of 0.32 and a beta of 0.99. The firm’s fifty day simple moving average is $28.95 and its 200 day simple moving average is $26.00. Corebridge Financial, Inc. has a twelve month low of $16.25 and a twelve month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.05 by $0.05. The business had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter last year, the firm posted $0.97 earnings per share. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.95 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, June 14th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CRBG shares. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Morgan Stanley raised their target price on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Evercore ISI raised their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $32.00 target price on shares of Corebridge Financial in a report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.55.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the completion of the transaction, the insider now owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.09% of the company’s stock.

About Corebridge Financial

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.