State of New Jersey Common Pension Fund D Sells 34,162 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 26.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,558 shares of the company’s stock after selling 34,162 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Corebridge Financial were worth $2,783,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Riverview Trust Co bought a new position in Corebridge Financial in the 1st quarter worth approximately $25,000. LRI Investments LLC purchased a new position in shares of Corebridge Financial in the second quarter valued at $30,000. ORG Partners LLC purchased a new position in shares of Corebridge Financial in the second quarter valued at $32,000. Fifth Third Bancorp bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at $54,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 14,964,738 shares of company stock worth $400,732,195 over the last quarter. Corporate insiders own 0.09% of the company’s stock.

Corebridge Financial Stock Up 0.2 %

Shares of NYSE:CRBG opened at $27.00 on Thursday. The stock has a market capitalization of $16.43 billion, a P/E ratio of 7.11, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The stock’s 50-day moving average price is $28.11 and its 200-day moving average price is $28.23. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 12-month low of $18.71 and a 12-month high of $34.66.

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 the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the business earned $1.04 earnings per share. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.41%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRBG shares. Barclays assumed coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price target on the stock. UBS Group raised their price target on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Jefferies Financial Group lifted 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 objective 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, Morgan Stanley cut their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $33.62.

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.