Acadian Asset Management LLC Increases Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Acadian Asset Management LLC grew its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 263.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,827,963 shares of the company’s stock after buying an additional 2,050,331 shares during the quarter. Acadian Asset Management LLC owned 0.45% of Corebridge Financial worth $81,233,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Riverview Trust Co acquired a new stake in shares of Corebridge Financial during the 1st quarter worth about $25,000. Vestor Capital LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $43,000. Headlands Technologies LLC acquired a new position in Corebridge Financial during the fourth quarter worth approximately $65,000. Jackson Hole Capital Partners LLC acquired a new position in Corebridge Financial during the fourth quarter worth approximately $210,000. Finally, DGS Capital Management LLC acquired a new position in Corebridge Financial during the first quarter worth approximately $218,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

CRBG stock traded down $0.40 on Friday, reaching $29.27. 2,016,696 shares of the company’s stock were exchanged, compared to its average volume of 3,085,025. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. The firm has a market cap of $17.81 billion, a PE ratio of 7.70, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $17.40 and a twelve month high of $34.66. The stock has a fifty day moving average of $29.62 and a 200-day moving average of $27.16.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the prior year, the company earned $0.97 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.73 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Analyst Ratings Changes

CRBG has been the topic of several research analyst reports. Jefferies Financial Group lifted their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Piper Sandler lifted their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Royal Bank of Canada restated an “outperform” rating and set a $33.00 price target on shares of Corebridge Financial in a research note on Friday, June 28th. UBS Group upped their price target on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, Wells Fargo & Company upped their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.46.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is owned by corporate insiders.

About Corebridge Financial

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.