Corebridge Financial, Inc. (NYSE:CRBG) Position Raised by Fmr LLC

Fmr LLC lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 13.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,030,104 shares of the company’s stock after acquiring an additional 598,373 shares during the period. Fmr LLC owned 0.88% of Corebridge Financial worth $146,678,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of CRBG. Covestor Ltd boosted its position in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares in the last quarter. Xponance Inc. grew its position in Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after buying an additional 612 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Corebridge Financial by 3.4% in the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock valued at $648,000 after buying an additional 732 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.1 %

Shares of CRBG opened at $32.31 on Wednesday. The stock’s 50-day moving average price is $30.89 and its 200 day moving average price is $29.46. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $18.38 billion, a price-to-earnings ratio of -15.46, a P/E/G ratio of 0.41 and a beta of 0.86. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (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 business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the business posted $1.05 earnings per share. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.85%. Corebridge Financial’s payout ratio is currently -44.02%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CRBG shares. Barclays raised their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler dropped their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, 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 filing with the SEC, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

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.