Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Stake in Corebridge Financial, Inc. $CRBG

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 29.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,300 shares of the company’s stock after buying an additional 11,700 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Corebridge Financial were worth $1,620,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRBG. Sunbelt Securities Inc. purchased a new stake in Corebridge Financial during the 4th quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company’s stock valued at $50,000 after purchasing an additional 748 shares during the last quarter. Quarry LP purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $63,000. Golden State Wealth Management LLC purchased a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $75,000. Finally, MetLife Investment Management LLC increased its position in shares of Corebridge Financial by 16.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company’s stock valued at $155,000 after purchasing an additional 715 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRBG shares. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. BMO Capital Markets increased their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, June 27th. Barclays increased their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, June 26th. Finally, Morgan Stanley increased their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, June 27th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average target price of $40.70.

Corebridge Financial Trading Down 1.3%

NYSE CRBG opened at $33.79 on Monday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The firm’s fifty day moving average price is $34.28 and its 200 day moving average price is $32.37. The company has a market capitalization of $18.20 billion, a price-to-earnings ratio of -55.39, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its quarterly 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. The firm had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same quarter in the prior year, the business earned $1.13 EPS. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial’s dividend payout ratio is currently -157.38%.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This represents a 26.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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.