Janney Montgomery Scott LLC Purchases 6,571 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Janney Montgomery Scott LLC grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 21.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,187 shares of the company’s stock after purchasing an additional 6,571 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Corebridge Financial were worth $1,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of CRBG. Canada Pension Plan Investment Board boosted its position in shares of Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares during the period. Donald Smith & CO. Inc. bought a new position in shares of Corebridge Financial during the first quarter worth $89,013,000. Capital Research Global Investors boosted 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 acquiring an additional 3,059,354 shares during the last quarter. 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 worth $116,723,000 after acquiring an additional 2,677,105 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corebridge Financial by 150.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after acquiring an additional 2,137,594 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRBG has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. TD Cowen initiated coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective for the company. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada lowered 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. Finally, Barclays increased their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.85.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.46 on Friday. The company has a market cap of $17.33 billion, a price-to-earnings ratio of -14.53, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. The stock has a 50 day simple moving average of $29.80 and a 200-day simple moving average of $29.25. Corebridge Financial, Inc. has a 12-month low of $19.26 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 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 firm had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.02%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

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.