Federated Hermes Inc. Acquires 211,709 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Federated Hermes Inc. grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 162.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 342,226 shares of the company’s stock after purchasing an additional 211,709 shares during the quarter. Federated Hermes Inc. owned about 0.06% of Corebridge Financial worth $9,966,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Junto Capital Management LP bought a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $26,232,000. Pzena Investment Management LLC boosted its position in shares of Corebridge Financial by 793.0% in the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock valued at $34,442,000 after acquiring an additional 1,412,040 shares during the period. Swedbank AB bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $5,639,000. Williamson Legacy Group LLC bought a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $716,000. Finally, Wellington Management Group LLP boosted its position in shares of Corebridge Financial by 14,292.5% in the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock valued at $53,280,000 after acquiring an additional 2,442,729 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CRBG shares. Royal Bank of Canada cut their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Bank of America lowered their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley lowered their target price on shares of 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. Finally, JPMorgan Chase & Co. raised 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. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Insider Buying and Selling

In related news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, 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 SEC, which can be accessed through this link. 0.09% of the stock is owned by insiders.

Corebridge Financial Trading Down 0.8 %

CRBG stock opened at $26.96 on Wednesday. The company has a market capitalization of $16.40 billion, a PE ratio of 7.09, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a one year low of $18.44 and a one year high of $34.66. The company’s 50 day moving average price is $28.17 and its two-hundred day moving average price is $28.23. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued 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 net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm earned $1.04 earnings per share. As a group, analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share 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. Investors of record on Monday, September 16th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Corebridge Financial 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.