Ontario Teachers Pension Plan Board Increases Position in Corebridge Financial, Inc. (NYSE:CRBG)

Ontario Teachers Pension Plan Board raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 28.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,739 shares of the company’s stock after acquiring an additional 4,822 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Corebridge Financial were worth $634,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CRBG. Swedbank AB purchased a new stake in Corebridge Financial during the second quarter worth about $5,639,000. Diversified Trust Co acquired a new stake in shares of Corebridge Financial during the second quarter worth about $662,000. QRG Capital Management Inc. lifted its holdings in shares of Corebridge Financial by 145.1% in the 2nd quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after purchasing an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $1,886,000. Finally, Vanguard Group Inc. grew its stake in Corebridge Financial by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after buying an additional 1,415,265 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.08% of the stock is currently owned by insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $31.47 on Friday. Corebridge Financial, Inc. has a twelve month low of $19.90 and a twelve month high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a market cap of $17.90 billion, a P/E ratio of -15.06, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. The firm’s 50-day simple moving average is $30.18 and its 200-day simple moving average is $29.37.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period last year, the firm earned $1.05 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is presently -44.02%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CRBG shares. 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 research note on Friday, August 2nd. Piper Sandler dropped their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Barclays raised their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, TD Cowen assumed coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $34.85.

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.