Artemis Investment Management LLP Purchases 524,359 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Artemis Investment Management LLP boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 61.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,372,819 shares of the company’s stock after purchasing an additional 524,359 shares during the period. Artemis Investment Management LLP owned about 0.22% of Corebridge Financial worth $39,420,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Corebridge Financial in the 1st quarter worth about $25,000. Vestor Capital LLC bought a new position in Corebridge Financial in the 4th quarter worth about $43,000. Headlands Technologies LLC bought a new position in Corebridge Financial in the 4th quarter worth about $65,000. Jackson Hole Capital Partners LLC bought a new position in Corebridge Financial in the 4th quarter worth about $210,000. Finally, DGS Capital Management LLC bought a new position in Corebridge Financial in the 1st quarter worth about $218,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Corebridge Financial in a research report on Friday. Wells Fargo & Company increased their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, May 10th. Finally, Evercore ISI increased their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $31.18.

Corebridge Financial Stock Performance

Corebridge Financial stock traded up $0.01 during mid-day trading on Friday, reaching $29.12. 5,623,765 shares of the company traded hands, compared to its average volume of 4,486,253. The company has a market capitalization of $17.72 billion, a price-to-earnings ratio of 7.66, a price-to-earnings-growth ratio of 0.32 and a beta of 0.99. Corebridge Financial, Inc. has a fifty-two week low of $17.37 and a fifty-two week high of $34.66. The firm’s fifty day moving average is $29.16 and its two-hundred day moving average is $26.21. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.16%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the sale, the insider now owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.09% of the stock is owned by company insiders.

Corebridge Financial 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.