Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,841 shares of the company’s stock after selling 603 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Corebridge Financial were worth $636,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Riverview Trust Co acquired a new stake in Corebridge Financial during the 1st quarter valued at $25,000. LRI Investments LLC purchased a new stake in Corebridge Financial during the 2nd quarter worth about $30,000. ORG Partners LLC acquired a new position in Corebridge Financial in the 2nd quarter valued at about $32,000. Fifth Third Bancorp purchased a new position in Corebridge Financial in the 2nd quarter valued at about $54,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in shares of Corebridge Financial by 73.2% during 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 last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Down 0.4 %

Shares of NYSE:CRBG opened at $27.88 on Friday. Corebridge Financial, Inc. has a 12-month low of $18.83 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The firm has a market cap of $16.96 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The company has a fifty day simple moving average of $28.04 and a 200 day simple moving average of $28.28.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share 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 company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the firm earned $1.04 EPS. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRBG. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Barclays started coverage on Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target on the stock. Finally, Bank of America decreased their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $33.62.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of the company’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 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 filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is currently owned by corporate insiders.

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.