Marshall Wace LLP Grows Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Marshall Wace LLP raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 201.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,008,341 shares of the company’s stock after acquiring an additional 2,677,105 shares during the quarter. Marshall Wace LLP owned approximately 0.66% of Corebridge Financial worth $116,723,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new position in shares of Corebridge Financial during the 1st quarter worth approximately $25,000. LRI Investments LLC acquired a new position in shares of Corebridge Financial in the second quarter worth $30,000. ORG Partners LLC purchased a new stake in shares of Corebridge Financial in the second quarter valued at $32,000. Fifth Third Bancorp acquired a new stake in shares of Corebridge Financial during the second quarter valued at $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. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Bank of America dropped their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Morgan Stanley reduced their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Finally, Jefferies Financial Group raised their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average 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 firm’s stock in a transaction 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 completion of the sale, the insider now 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 SEC, which is accessible through this link. Over the last ninety days, insiders sold 14,964,738 shares of company stock valued at $400,732,195. 0.09% of the stock is currently owned by corporate insiders.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $28.59 on Tuesday. The stock has a 50 day simple moving average of $28.02 and a 200-day simple moving average of $28.34. 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 company has a market cap of $17.40 billion, a PE ratio of 7.52, a P/E/G ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a 12-month low of $18.83 and a 12-month high of $34.66.

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

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is 24.21%.

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.