Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by DRW Securities LLC

DRW Securities LLC increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 20.4% during the second quarter, Holdings Channel reports. The institutional investor owned 65,000 shares of the company’s stock after buying an additional 11,000 shares during the quarter. DRW Securities LLC’s holdings in Corebridge Financial were worth $1,893,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Junto Capital Management LP purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $26,232,000. Swedbank AB purchased a new position in Corebridge Financial in the second quarter valued at $5,639,000. Williamson Legacy Group LLC acquired a new stake in Corebridge Financial in the fourth quarter valued at $716,000. Wellington Management Group LLP lifted its holdings in Corebridge Financial by 14,292.5% during the 4th quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after buying an additional 2,442,729 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Corebridge Financial during the 1st quarter worth about $1,134,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $27.88 on Friday. The firm has a market cap of $16.96 billion, a P/E ratio of 7.34, a P/E/G ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a 52-week low of $18.83 and a 52-week high of $34.66. The business’s 50-day moving average price is $28.04 and its 200 day moving average price is $28.28. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating 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 company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period last year, the business posted $1.04 EPS. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.30%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. 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, June 28th. Morgan Stanley dropped their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. UBS Group boosted their price target 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, JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $33.62.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial 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 sale, the insider now owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is owned by insiders.

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.