Danske Bank A S Makes New Investment in Corebridge Financial, Inc. $CRBG

Danske Bank A S purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 86,800 shares of the company’s stock, valued at approximately $2,485,000.

Several other hedge funds and other institutional investors have also modified their holdings of CRBG. Pzena Investment Management LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $967,400,000. BlackRock Inc. bought a new position in Corebridge Financial in the second quarter worth about $726,494,000. Norges Bank acquired a new position in Corebridge Financial in the fourth quarter valued at approximately $611,550,000. State Street Corp boosted its stake in Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after acquiring an additional 3,465,371 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Up 0.3%

Shares of CRBG stock opened at $31.91 on Friday. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The business’s fifty day moving average is $31.13 and its 200-day moving average is $28.26. The stock has a market cap of $14.22 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm posted $1.36 earnings per share. Equities analysts expect that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Insider Transactions at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares in the company, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 24,409 shares of company stock valued at $805,626 over the last three months. 0.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRBG. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Piper Sandler boosted their price objective on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Jefferies Financial Group upped their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. UBS Group increased their target price on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.