Nomura Asset Management Co. Ltd. Increases Position in Corebridge Financial, Inc. $CRBG

Nomura Asset Management Co. Ltd. grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 88.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 163,369 shares of the company’s stock after acquiring an additional 76,889 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Corebridge Financial were worth $5,800,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assetmark Inc. lifted its position in shares of Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after acquiring an additional 356 shares in the last quarter. Brooklyn Investment Group grew its position in Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after acquiring an additional 581 shares during the period. Nisa Investment Advisors LLC increased its position in Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after purchasing an additional 603 shares in the last quarter. Forum Financial Management LP grew its stake in Corebridge Financial by 4.0% during the second quarter. Forum Financial Management LP now owns 16,360 shares of the company’s stock worth $581,000 after buying an additional 630 shares during the period. Finally, 3Chopt Investment Partners LLC increased its position in shares of Corebridge Financial by 7.2% in the second quarter. 3Chopt Investment Partners LLC now owns 9,883 shares of the company’s stock worth $351,000 after acquiring an additional 663 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Stock Up 1.4%

NYSE:CRBG opened at $28.14 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock has a 50 day moving average of $31.34 and a 200-day moving average of $32.92. The firm has a market capitalization of $14.65 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.38 and a beta of 1.02. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. Analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.4%. Corebridge Financial’s dividend payout ratio is currently 57.14%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Barclays lowered their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research report on Wednesday. Evercore ISI lowered their target price on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Finally, Keefe, Bruyette & Woods dropped their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.18.

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.