Callan Family Office LLC Purchases Shares of 24,368 Corebridge Financial, Inc. $CRBG

Callan Family Office LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, Holdings Channel.com reports. The fund acquired 24,368 shares of the company’s stock, valued at approximately $698,000.

Several other large investors have also modified their holdings of CRBG. State of Michigan Retirement System acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in Corebridge Financial during the 4th quarter worth about $5,358,000. Vanguard Group Inc. raised its holdings in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after buying an additional 311,133 shares during the period. New York State Teachers Retirement System purchased a new stake in Corebridge Financial during the fourth quarter valued at about $2,072,000. Finally, State of Wyoming purchased a new stake in Corebridge Financial during the second quarter valued at about $899,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Trading Down 0.4%

Shares of NYSE CRBG opened at $31.83 on Wednesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.22. The business has a 50-day moving average price of $31.23 and a two-hundred day moving average price of $28.26. The firm has a market capitalization of $14.19 billion, a PE ratio of 18.61, a PEG ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the company earned $1.36 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Insider Buying and Selling

In other news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the transaction, the executive vice president directly owned 46,473 shares in the company, valued at $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 24,409 shares of company stock valued at $805,626. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CRBG shares. TD Cowen lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Mizuho upped their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Finally, Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.