Envestnet Asset Management Inc. Grows Stock Holdings in Corebridge Financial, Inc. $CRBG

Envestnet Asset Management Inc. increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 7.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,560,745 shares of the company’s stock after buying an additional 102,228 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Corebridge Financial were worth $55,406,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Teacher Retirement System of Texas purchased a new position in shares of Corebridge Financial in the first quarter valued at about $1,177,000. IFM Investors Pty Ltd raised its stake in Corebridge Financial by 5.8% during the 1st quarter. IFM Investors Pty Ltd now owns 41,915 shares of the company’s stock valued at $1,222,000 after purchasing an additional 2,291 shares during the period. Truist Financial Corp lifted its holdings in Corebridge Financial by 2,686.2% in the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock worth $42,399,000 after purchasing an additional 172,475 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in Corebridge Financial in the 1st quarter worth approximately $348,000. 98.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by company insiders.

Corebridge Financial Trading Up 2.6%

Shares of NYSE CRBG opened at $32.57 on Friday. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The business’s 50 day moving average is $32.78 and its two-hundred day moving average is $32.88. The stock has a market capitalization of $17.54 billion, a P/E ratio of -53.38, a PEG ratio of 0.50 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period last year, the company earned $1.13 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial’s payout ratio is presently -157.38%.

Analyst Ratings Changes

Several research firms have recently issued reports on CRBG. Keefe, Bruyette & Woods reduced their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Evercore ISI reduced their price target on shares of Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Wells Fargo & Company raised their price objective on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.91.

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.