Goldman Sachs Group Inc. Grows Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Goldman Sachs Group Inc. raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 60.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 830,102 shares of the company’s stock after acquiring an additional 312,539 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Corebridge Financial were worth $17,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CRBG. American International Group Inc. grew its stake in Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after acquiring an additional 324,204,270 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Corebridge Financial by 6.5% in the fourth quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock worth $666,734,000 after purchasing an additional 1,865,841 shares during the period. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock worth $337,022,000 after buying an additional 1,566,275 shares in the last quarter. Norges Bank bought a new stake in Corebridge Financial during the fourth quarter valued at $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC grew its position in Corebridge Financial by 106.3% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after buying an additional 5,157,570 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $29.12 on Friday. The company has a 50-day simple moving average of $29.11 and a two-hundred day simple moving average of $26.19. Corebridge Financial, Inc. has a 12-month low of $16.99 and a 12-month high of $34.66. The firm has a market cap of $17.72 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 0.32 and a beta of 0.99. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the prior year, the business posted $0.97 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, June 14th. Corebridge Financial’s dividend payout ratio is 24.21%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRBG shares. Wells Fargo & Company lifted their price target on Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, May 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 target price on shares of Corebridge Financial in a research report on Friday, April 12th. Evercore ISI increased their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Morgan Stanley raised their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Finally, Piper Sandler upped their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.55.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the completion of the transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.09% of the stock is owned by 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.