The Manufacturers Life Insurance Company Acquires 732 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

The Manufacturers Life Insurance Company grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,211 shares of the company’s stock after acquiring an additional 732 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Corebridge Financial were worth $648,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CRBG. Massachusetts Financial Services Co. MA grew its holdings in shares of Corebridge Financial by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after buying an additional 284,781 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Corebridge Financial by 0.5% during the second quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock worth $216,259,000 after buying an additional 37,269 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after buying an additional 4,507,322 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Donald Smith & CO. Inc. grew its holdings in shares of Corebridge Financial by 12.7% during the third quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after buying an additional 489,545 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research reports. Barclays increased their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler reduced their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Stock Performance

CRBG opened at $30.69 on Friday. Corebridge Financial, Inc. has a 12-month low of $21.40 and a 12-month high of $34.66. The stock has a market cap of $17.46 billion, a price-to-earnings ratio of -14.68, a PEG ratio of 0.39 and a beta of 0.86. The business has a 50 day moving average of $31.27 and a 200-day moving average of $29.51. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm posted $1.05 earnings per share. The business’s revenue was up 39.5% on a year-over-year basis. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.00%. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now directly owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 156,956,256 shares of company stock valued at $4,918,263,376. Insiders own 0.08% 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.