Mitsubishi UFJ Asset Management Co. Ltd. Purchases 34,413 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 19.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 215,449 shares of the company’s stock after purchasing an additional 34,413 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Corebridge Financial were worth $6,802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRBG. Sunbelt Securities Inc. bought a new stake in shares of Corebridge Financial during the fourth quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company’s stock worth $50,000 after purchasing an additional 748 shares during the last quarter. Quarry LP bought a new stake in shares of Corebridge Financial during the fourth quarter worth about $63,000. Golden State Wealth Management LLC bought a new stake in shares of Corebridge Financial during the first quarter worth about $75,000. Finally, MetLife Investment Management LLC grew its holdings in shares of Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company’s stock worth $155,000 after purchasing an additional 715 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRBG has been the topic of several analyst reports. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and upped their target price for the company from $28.00 to $37.00 in a report on Friday, July 11th. BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, June 27th. Wells Fargo & Company upped their target price on Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. upped their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.70.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares of the company’s stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by insiders.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $33.38 on Tuesday. The stock has a market capitalization of $17.97 billion, a price-to-earnings ratio of -54.71, a PEG ratio of 0.54 and a beta of 1.06. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The stock’s 50 day moving average price is $34.19 and its two-hundred day moving average price is $32.35. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the firm earned $1.13 earnings per share. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial’s dividend payout ratio is presently -157.38%.

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.