Mercer Global Advisors Inc. ADV Purchases 114,540 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Mercer Global Advisors Inc. ADV grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 144.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 193,617 shares of the company’s stock after buying an additional 114,540 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Corebridge Financial were worth $5,638,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds 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 about $26,232,000. Swedbank AB acquired a new stake in Corebridge Financial in the 2nd quarter valued at about $5,639,000. Williamson Legacy Group LLC bought a new position in shares of Corebridge Financial in the fourth quarter worth about $716,000. Wellington Management Group LLP lifted its position in shares of Corebridge Financial by 14,292.5% during the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after purchasing an additional 2,442,729 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Corebridge Financial during the first quarter valued at approximately $1,134,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Down 0.4 %

CRBG opened at $27.88 on Friday. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The firm has a market cap of $16.96 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The firm’s fifty day moving average is $28.04 and its two-hundred day moving average is $28.25.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share 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 analyst estimates of $5.73 billion. During the same period in the previous year, the company posted $1.04 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Announces Dividend

The firm 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 dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.30%. Corebridge Financial’s payout ratio is 24.21%.

Analyst Ratings Changes

Several research firms recently weighed in on CRBG. Royal Bank of Canada dropped 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. Barclays started coverage on Corebridge Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price target on the stock. Morgan Stanley lowered their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 14,964,738 shares of company stock worth $400,732,195. Company insiders own 0.09% 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.