Wedge Capital Management L L P NC Buys Shares of 64,752 Corebridge Financial, Inc. (NYSE:CRBG)

Wedge Capital Management L L P NC bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 64,752 shares of the company’s stock, valued at approximately $1,886,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new position in shares of Corebridge Financial during the first quarter valued at $25,000. ORG Partners LLC acquired a new position in shares of Corebridge Financial during the second quarter valued at $32,000. Vestor Capital LLC acquired a new position in shares of Corebridge Financial during the fourth quarter valued at $43,000. Headlands Technologies LLC acquired a new position in shares of Corebridge Financial during the fourth quarter valued at $65,000. Finally, Plato Investment Management Ltd acquired a new position in shares of Corebridge Financial during the first quarter valued at $100,000. 98.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now directly owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. 0.09% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRBG has been the topic of a number of research analyst reports. Bank of America lowered their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. UBS Group lifted their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Royal Bank of Canada lowered their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group lifted their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.42.

Corebridge Financial Trading Up 0.5 %

Shares of NYSE:CRBG traded up $0.13 during midday trading on Friday, reaching $28.05. The company had a trading volume of 89,250 shares, compared to its average volume of 4,150,463. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1-year low of $17.40 and a 1-year high of $34.66. The firm has a market cap of $17.07 billion, a price-to-earnings ratio of 7.35, a price-to-earnings-growth ratio of 0.37 and a beta of 0.97. The company has a fifty day simple moving average of $28.69 and a two-hundred day simple moving average of $27.59.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.77% and a net margin of 10.16%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the company posted $1.04 EPS. Research analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.23 per share. The ex-dividend date is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.28%. Corebridge Financial’s payout ratio is presently 24.21%.

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.