5,800 Shares in Corebridge Financial, Inc. $CRBG Acquired by State of Michigan Retirement System

State of Michigan Retirement System bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,800 shares of the company’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Bank of New York Mellon Corp lifted its position in shares of Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock worth $42,399,000 after purchasing an additional 172,475 shares during the last quarter. Atlas Capital Advisors Inc. raised its stake in Corebridge Financial by 1,178.9% in the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company’s stock valued at $801,000 after buying an additional 23,401 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock worth $46,045,000 after buying an additional 1,013,259 shares during the last quarter. iA Global Asset Management Inc. acquired a new position in shares of Corebridge Financial during the 1st quarter worth about $358,000. Finally, Strs Ohio purchased a new position in shares of Corebridge Financial in the 1st quarter valued at about $1,823,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the transaction, the insider owned 82,711,853 shares in the company, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

CRBG has been the subject of several recent analyst reports. Wells Fargo & Company decreased their target price on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday. Barclays reduced their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Evercore ISI cut their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $39.73.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $29.90 on Friday. The firm’s fifty day simple moving average is $32.34 and its 200-day simple moving average is $32.98. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The stock has a market capitalization of $15.56 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 0.43 and a beta of 1.02. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.23 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

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.