Wellington Management Group LLP Acquires 9,229 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Wellington Management Group LLP lifted its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 13.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,488 shares of the company’s stock after acquiring an additional 9,229 shares during the period. Wellington Management Group LLP’s holdings in Corebridge Financial were worth $2,289,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. State Street Corp increased its position in Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Qsemble Capital Management LP bought a new position in Corebridge Financial during the 3rd quarter valued at about $2,370,000. Senator Investment Group LP raised its position in Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after purchasing an additional 700,000 shares during the period. Marshall Wace LLP boosted its position in shares of Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after buying an additional 2,677,105 shares during the period. Finally, Renaissance Capital LLC boosted its position in shares of Corebridge Financial by 20.0% during the third quarter. Renaissance Capital LLC now owns 275,717 shares of the company’s stock valued at $8,040,000 after buying an additional 46,037 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of research analyst reports. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays boosted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Morgan Stanley raised 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. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.08.

Corebridge Financial Price Performance

CRBG opened at $28.79 on Thursday. The firm has a market capitalization of $16.38 billion, a PE ratio of -13.78, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The business’s 50-day moving average is $31.27 and its two-hundred day moving average is $29.51. Corebridge Financial, Inc. has a 1 year low of $21.40 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

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

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.20%. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is owned by company 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.