Park Avenue Securities LLC Acquires New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Park Avenue Securities LLC acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,871 shares of the company’s stock, valued at approximately $284,000.

A number of other institutional investors have also recently made changes to their positions in CRBG. Factory Mutual Insurance Co. grew its holdings in Corebridge Financial by 47.1% during the 4th quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock worth $22,271,000 after acquiring an additional 329,200 shares in the last quarter. Junto Capital Management LP acquired a new position in Corebridge Financial during the 4th quarter worth approximately $26,232,000. Pzena Investment Management LLC grew its holdings in Corebridge Financial by 793.0% during the 4th quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock worth $34,442,000 after acquiring an additional 1,412,040 shares in the last quarter. Vanguard Group Inc. grew its holdings in Corebridge Financial by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock worth $337,022,000 after acquiring an additional 1,566,275 shares in the last quarter. Finally, Seven Grand Managers LLC acquired a new position in Corebridge Financial during the 4th quarter worth approximately $4,332,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Up 0.0 %

Shares of Corebridge Financial stock opened at $29.13 on Tuesday. The company has a market cap of $17.72 billion, a P/E ratio of 7.67, a PEG ratio of 0.32 and a beta of 0.97. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a one year low of $17.40 and a one year high of $34.66. The firm has a fifty day moving average of $29.25 and a two-hundred day moving average of $26.39.

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

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.23 per share. The ex-dividend date was Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.16%. Corebridge Financial’s payout ratio is currently 24.21%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRBG. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday. Evercore ISI boosted their price objective on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Finally, Piper Sandler boosted their price objective 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.18.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is owned by insiders.

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.