Commonwealth Equity Services LLC increases stake in Corebridge Financial, Inc. (NYSE:CRBG)

Commonwealth Equity Services LLC grew its position in Corebridge Financial, Inc. (NYSE:CRBG – Free Report) by 2.7% in the second quarter, Holdings Channel.com reports. The firm owned 22,322 shares of the company’s stock after acquiring an additional 597 shares during the period. Commonwealth Equity Services LLC’s holdings in Corebridge Financial were worth $650,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have recently modified their holdings of the company. Riverview Trust Co acquired a new stake in Corebridge Financial in the 1st quarter worth approximately $25,000. O Shaughnessy Asset Management LLC boosted its stake in Corebridge Financial by 5.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after buying an additional 978 shares in the last quarter. LRI Investments LLC acquired a new position in Corebridge Financial in the second quarter valued at about $30,000. CWM LLC boosted its stake in Corebridge Financial by 13.8% in the second quarter. CWM LLC now owns 8,762 shares of the company’s stock valued at $255,000 after purchasing an additional 1,063 shares in the last quarter. Finally, ORG Partners LLC purchased a new stake in Corebridge Financial during the second quarter valued at about $32,000. Institutional investors and hedge funds own 98.25% of the company’s shares.

Corebridge financial price performance

CRBG opened at $27.98 on Friday. The firm has a market cap of $17.02 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a 12-month low of $18.83 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14, and a debt-to-equity ratio of 0.97. The company has a fifty day simple moving average of $28.07 and a 200 day simple moving average of $28.22.

Corebridge Financial (NYSE:CRBG – Get Your Free Report ) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. In the same quarter last year, the company posted earnings of $1.04 per share. Equities research analysts expect that Corebridge Financial, Inc. to post 4.74 EPS for the current fiscal year.

Corebridge Financial announces dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. The ex-dividend date is Monday, September 16. This represents an annualized dividend of $0.92 and a dividend yield of 3.29%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Indoor activity

In related news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. Over the last 90 days, insiders have sold 14,964,738 shares of company stock worth $400,732,195. Insiders own 0.09% of the company’s shares.

Changes in Analyst Ratings

CRBG has been the subject of several research reports. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Barclays assumed coverage on Corebridge Financial in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price objective on the stock. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Morgan Stanley cut their price objective on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, UBS Group upped their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $33.62, based on data from MarketBeat.

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About Corebridge Financial

(Free report)

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. The individual retirement segment offers fixed annuities, fixed index annuities, variable annuities and retail mutual funds.

See Also

Want to see what other hedge funds CRBG owns? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Corebridge Financial, Inc. (NYSE:CRBG – Free Report).

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