Intech Investment Management LLC Grows Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Intech Investment Management LLC increased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 1,602.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,273 shares of the company’s stock after buying an additional 123,562 shares during the quarter. Intech Investment Management LLC’s holdings in Corebridge Financial were worth $3,823,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Riverview Trust Co bought a new stake in shares of Corebridge Financial during the 1st quarter valued at $25,000. LRI Investments LLC bought a new stake in Corebridge Financial during the second quarter valued at about $30,000. ORG Partners LLC purchased a new position in shares of Corebridge Financial in the second quarter valued at about $32,000. Fifth Third Bancorp bought a new position in shares of Corebridge Financial in the second quarter worth about $54,000. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Corebridge Financial by 73.2% during the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Down 0.4 %

CRBG stock opened at $27.88 on Friday. The firm’s fifty day simple moving average is $28.04 and its two-hundred day simple moving average is $28.28. The stock has a market capitalization of $16.96 billion, a price-to-earnings ratio of 7.34, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share 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 analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same period in the prior year, the company posted $1.04 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 is Monday, September 16th. Corebridge Financial’s payout ratio is currently 24.21%.

Wall Street Analyst Weigh In

CRBG has been the subject of several recent analyst reports. Morgan Stanley dropped their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Royal Bank of Canada cut their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. UBS Group increased their price objective on shares of 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 Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Bank of America dropped their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.62.

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 on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 14,964,738 shares of company stock valued at $400,732,195 in the last quarter. 0.09% of the stock is owned by insiders.

Corebridge Financial Company Profile

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.