Deseret Mutual Benefit Administrators Has $60,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Deseret Mutual Benefit Administrators increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 73.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,075 shares of the company’s stock after buying an additional 877 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Corebridge Financial were worth $60,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its holdings in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares during the last quarter. Riverview Trust Co acquired a new position in Corebridge Financial during the first quarter valued at approximately $25,000. O Shaughnessy Asset Management LLC grew its holdings in Corebridge Financial by 5.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock valued at $503,000 after purchasing an additional 978 shares during the last quarter. LRI Investments LLC acquired a new position in Corebridge Financial during the second quarter valued at approximately $30,000. Finally, CWM LLC grew its holdings in Corebridge Financial by 13.8% during 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 during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Barclays assumed coverage on Corebridge Financial in a report on Wednesday. They set an “equal weight” rating and a $33.00 price target on the stock. Jefferies Financial Group increased their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. UBS Group increased their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Finally, Bank of America reduced their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $33.62.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by company insiders.

Corebridge Financial Stock Down 3.0 %

Shares of CRBG stock opened at $27.63 on Friday. The stock has a market cap of $16.81 billion, a P/E ratio of 7.27, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a one year low of $17.80 and a one year high of $34.66. The stock has a fifty day moving average price of $28.52 and a 200 day moving average price of $28.07. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period last year, the business earned $1.04 earnings per share. Analysts predict that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.33%. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

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.