The Manufacturers Life Insurance Company Takes Position in Corebridge Financial, Inc. $CRBG

The Manufacturers Life Insurance Company purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, HoldingsChannel reports. The fund purchased 684,548 shares of the company’s stock, valued at approximately $19,599,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Pzena Investment Management LLC bought a new position in Corebridge Financial during the 2nd quarter valued at $967,400,000. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after purchasing an additional 311,133 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Corebridge Financial in the 2nd quarter worth about $726,494,000. Norges Bank acquired a new stake in shares of Corebridge Financial in the 4th quarter valued at about $611,550,000. Finally, State Street Corp raised its stake in shares of Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corebridge Financial

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the transaction, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. This represents a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,409 shares of company stock valued at $805,626 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRBG. Barclays increased their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. UBS Group upped their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Finally, 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 report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial Trading Up 0.2%

NYSE CRBG opened at $32.60 on Friday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.22. The company has a 50-day simple moving average of $31.36 and a 200-day simple moving average of $28.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $14.53 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $1.36 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Corebridge Financial 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.