Forsta AP Fonden Has $1.23 Million Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Forsta AP Fonden reduced its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 38.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,300 shares of the company’s stock after selling 26,600 shares during the quarter. Forsta AP Fonden’s holdings in Corebridge Financial were worth $1,232,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Junto Capital Management LP bought a new position in Corebridge Financial during the fourth quarter worth $26,232,000. Pzena Investment Management LLC boosted its holdings in shares of Corebridge Financial by 793.0% during the 4th quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock worth $34,442,000 after buying an additional 1,412,040 shares during the period. Swedbank AB acquired a new position in Corebridge Financial in the 2nd quarter valued at about $5,639,000. Williamson Legacy Group LLC bought a new position in Corebridge Financial in the 4th quarter valued at about $716,000. Finally, Wellington Management Group LLP lifted its position in Corebridge Financial by 14,292.5% during the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after acquiring an additional 2,442,729 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CRBG shares. UBS Group increased their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Morgan Stanley lowered their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Royal Bank of Canada lowered their price target 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. Finally, Bank of America cut their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.18 on Tuesday. Corebridge Financial, Inc. has a 52 week low of $18.44 and a 52 week 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 0.97. The company has a market cap of $16.54 billion, a price-to-earnings ratio of 7.15, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The firm has a 50 day moving average of $28.22 and a 200-day moving average of $28.22.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period last year, the business earned $1.04 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction that occurred on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company 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.