20,909 Corebridge Financial, Inc. $CRBG Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 5.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 404,177 shares of the company’s stock after acquiring an additional 20,909 shares during the period. Retirement Systems of Alabama’s holdings in Corebridge Financial were worth $13,386,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CRBG. Fulcrum Asset Management LLP bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $1,638,000. Brighton Jones LLC bought a new position in Corebridge Financial during the 3rd quarter worth $222,000. Pictet Asset Management Holding SA lifted its holdings in shares of Corebridge Financial by 0.6% during the third quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock worth $3,328,000 after buying an additional 580 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Corebridge Financial by 59.8% in the third quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock valued at $39,000 after acquiring an additional 446 shares in the last quarter. Finally, Rakuten Investment Management Inc. increased its position in Corebridge Financial by 20.8% during the third quarter. Rakuten Investment Management Inc. now owns 16,666 shares of the company’s stock worth $563,000 after acquiring an additional 2,869 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. UBS Group increased their price target on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 6th. Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Mizuho upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Finally, Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.27.

Corebridge Financial Trading Down 0.3%

Shares of CRBG stock opened at $36.02 on Friday. The firm has a market capitalization of $15.80 billion, a P/E ratio of 7.84, a P/E/G ratio of 0.53 and a beta of 1.05. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.71. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.67. The stock’s fifty day simple moving average is $34.68 and its 200 day simple moving average is $30.08.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Tuesday, November 3rd. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The firm had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the prior year, the business posted $0.96 earnings per share. Corebridge Financial’s revenue for the quarter was down 20.0% compared to the same quarter last year. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.57 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is presently 21.46%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder Argon Holdco Llc sold 3,227,700 shares of Corebridge Financial stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $34.09, for a total value of $110,032,293.00. Following the transaction, the insider directly owned 44,234,423 shares of the company’s stock, valued at $1,507,951,480.07. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Life Insurance Co Nippon bought 805,782 shares of the firm’s stock in a transaction on Monday, September 28th. The shares were purchased at an average cost of $34.15 per share, with a total value of $27,517,455.30. Following the transaction, the insider directly owned 125,579,654 shares in the company, valued at approximately $4,288,545,184.10. This trade represents a 0.65% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 10,729,538 shares of company stock valued at $369,813,983 and have sold 3,244,181 shares valued at $110,594,103. 0.32% of the stock is owned by company insiders.

About Corebridge Financial

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.