Sumitomo Mitsui Trust Group Inc. Buys 17,787 Shares of Corebridge Financial, Inc. $CRBG

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.6% during the third quarter, HoldingsChannel reports. The firm owned 512,114 shares of the company’s stock after purchasing an additional 17,787 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Corebridge Financial were worth $16,413,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CRBG. IFP Advisors Inc raised its position in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after acquiring an additional 673 shares in the last quarter. Allworth Financial LP purchased a new stake in Corebridge Financial in the second quarter worth $26,000. Assetmark Inc. raised its holdings in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after purchasing an additional 356 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after buying an additional 603 shares during the period. Finally, Employees Retirement System of Texas purchased a new position in Corebridge Financial during the second quarter valued at $74,000. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Barclays dropped their price target on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, January 8th. Wells Fargo & Company reduced their price objective on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price objective (down previously from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Finally, Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.70.

Corebridge Financial Stock Performance

Shares of CRBG opened at $30.55 on Friday. The company has a market cap of $15.90 billion, a price-to-earnings ratio of 18.18, a P/E/G ratio of 0.44 and a beta of 1.04. The business’s fifty day simple moving average is $30.14 and its two-hundred day simple moving average is $32.28. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results 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 business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the company earned $1.23 earnings per share. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.24 per share. The ex-dividend date was Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s dividend payout ratio is 57.14%.

About Corebridge Financial

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.