ORG Wealth Partners LLC Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

ORG Wealth Partners LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,006 shares of the company’s stock, valued at approximately $29,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Corebridge Financial by 39.0% during the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after purchasing an additional 6,648,673 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after buying 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 valued at approximately $89,013,000. Capital Research Global Investors raised its holdings in shares of Corebridge Financial by 9.9% in the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after buying an additional 3,059,354 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Corebridge Financial by 201.1% in the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after buying an additional 2,677,105 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

Corebridge Financial Stock Down 0.3 %

Shares of NYSE CRBG opened at $30.56 on Wednesday. The stock has a market capitalization of $18.59 billion, a PE ratio of 8.04, a price-to-earnings-growth ratio of 0.42 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, Inc. has a 12-month low of $18.83 and a 12-month high of $34.66. The stock’s fifty day simple moving average is $28.24 and its two-hundred day simple moving average is $28.65.

Corebridge Financial (NYSE:CRBG) last issued 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 company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter last year, the company earned $1.04 earnings per share. As a group, analysts expect that Corebridge Financial, Inc. will post 4.66 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.01%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CRBG shares. JPMorgan Chase & Co. upped their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Piper Sandler reduced their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. UBS Group boosted their price objective 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, Barclays upped their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $34.46.

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.