Summit Global Investments bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 22,248 shares of the company's stock, valued at approximately $649,000.
Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Corebridge Financial during the first quarter worth $1,134,000. Russell Investments Group Ltd. increased its holdings in Corebridge Financial by 30.1% in the 1st quarter. Russell Investments Group Ltd. now owns 697,825 shares of the company's stock valued at $19,990,000 after buying an additional 161,247 shares during the period. Forsta AP Fonden bought a new stake in Corebridge Financial in the 1st quarter valued at $1,979,000. Finally, Diversified Trust Co acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $662,000. 98.25% of the stock is owned by institutional investors and hedge funds.
CRBG opened at $30.82 on Friday. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year high of $34.66. The stock has a market capitalization of $17.53 billion, a PE ratio of -14.75, a PEG ratio of 0.44 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $29.63 and a two-hundred day moving average price of $29.15.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $1.05 earnings per share. Corebridge Financial's revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.7 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial's dividend payout ratio (DPR) is presently -44.02%.
CRBG has been the topic of a number of analyst reports. TD Cowen assumed coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a "buy" rating and a $35.00 target price on the stock. Piper Sandler lowered their price objective on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Royal Bank of Canada lowered their price target on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Finally, Barclays lifted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $34.85.
View Our Latest Research Report on Corebridge Financial
In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.08% of the stock is owned by company insiders.
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.
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