Canada Pension Plan Investment Board Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Canada Pension Plan Investment Board raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 249.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,315,045 shares of the company’s stock after purchasing an additional 4,507,322 shares during the quarter. Canada Pension Plan Investment Board owned 1.04% of Corebridge Financial worth $183,894,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CRBG. Capital Research Global Investors lifted its position in shares of Corebridge Financial by 9.9% during the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after purchasing an additional 3,059,354 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 6.0% during the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after acquiring an additional 1,415,265 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Corebridge Financial by 2.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock valued at $296,997,000 after purchasing an additional 227,973 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Corebridge Financial by 106.3% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after buying an additional 5,157,570 shares during the period. Finally, TD Asset Management Inc increased its stake 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 during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.4 %

Corebridge Financial stock opened at $27.88 on Friday. The stock has a 50 day moving average of $28.04 and a two-hundred day moving average of $28.25. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The stock has a market capitalization of $16.96 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 0.35 and a beta of 0.97. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same period last year, the firm posted $1.04 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared 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. The ex-dividend date is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.30%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRBG. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Bank of America cut their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Barclays began coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley dropped their price target 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. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Company 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.