Mitsubishi UFJ Asset Management Co. Ltd. Buys Shares of 307,456 Corebridge Financial, Inc. $CRBG

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, Holdings Channel reports. The institutional investor bought 307,456 shares of the company’s stock, valued at approximately $8,803,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Salomon & Ludwin LLC boosted its holdings in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC grew its position in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $27,000. Sonoma Allocations LLC acquired a new stake in Corebridge Financial during the first quarter worth about $30,000. Finally, Versant Capital Management Inc raised its stake in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Piper Sandler upped their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.42.

Corebridge Financial Trading Down 2.3%

Corebridge Financial stock opened at $31.81 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $31.07 and a two-hundred day moving average price of $28.24. The firm has a market capitalization of $14.18 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.22.

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

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given 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 (DPR) is currently 58.48%.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 12,414 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 24,409 shares of company stock worth $805,626. 0.32% of the stock is owned by insiders.

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.