Corebridge Financial, Inc. $CRBG Stock Position Lifted by New York Life Investment Management LLC

New York Life Investment Management LLC increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 44.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,650 shares of the company’s stock after buying an additional 17,185 shares during the quarter. New York Life Investment Management LLC’s holdings in Corebridge Financial were worth $1,843,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Retirement Systems of Alabama grew its holdings in Corebridge Financial by 5.5% in the 3rd quarter. Retirement Systems of Alabama now owns 404,177 shares of the company’s stock worth $13,386,000 after acquiring an additional 20,909 shares during the last quarter. Fulcrum Asset Management LLP purchased a new position in shares of Corebridge Financial in the third quarter valued at about $1,638,000. Brighton Jones LLC bought a new position in shares of Corebridge Financial during the third quarter valued at about $222,000. Pictet Asset Management Holding SA raised its stake in shares of Corebridge Financial by 0.6% during the third quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock valued at $3,328,000 after acquiring an additional 580 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Corebridge Financial by 59.8% during the third quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock worth $39,000 after purchasing an additional 446 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Insider Activity

In other Corebridge Financial news, major shareholder Argon Holdco Llc sold 3,227,700 shares of the firm’s stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $34.09, for a total transaction of $110,032,293.00. Following the completion of the sale, the insider directly owned 44,234,423 shares in the company, valued at approximately $1,507,951,480.07. This trade represents a 6.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Life Insurance Co Nippon bought 805,782 shares of the company’s stock in a transaction dated Monday, September 28th. The stock was purchased at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the purchase, the insider owned 125,579,654 shares of the company’s stock, valued at approximately $4,288,545,184.10. This represents a 0.65% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 10,729,538 shares of company stock valued at $369,813,983 and sold 3,244,181 shares valued at $110,594,103. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. TD Cowen raised their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 21st. UBS Group upped their price target on Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Barclays upped their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Piper Sandler lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Finally, Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 29th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $39.27.

Corebridge Financial Stock Up 1.0%

Shares of Corebridge Financial stock traded up $0.37 during midday trading on Friday, hitting $36.34. The company had a trading volume of 2,345,152 shares, compared to its average volume of 4,889,622. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $15.93 billion, a P/E ratio of 7.80, a P/E/G ratio of 0.53 and a beta of 1.05. The company has a 50 day moving average of $34.71 and a 200 day moving average of $30.11. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.71.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The firm’s quarterly revenue was down 20.0% on a year-over-year basis. During the same period last year, the business earned $0.96 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.56 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, December 17th. Corebridge Financial’s payout ratio is currently 21.46%.

Corebridge Financial Company Profile

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.