Korea Investment CORP Raises Stock Position in Corebridge Financial, Inc. $CRBG

Korea Investment CORP grew its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 130.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 142,078 shares of the company’s stock after purchasing an additional 80,300 shares during the period. Korea Investment CORP’s holdings in Corebridge Financial were worth $5,044,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. lifted its position in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after acquiring an additional 356 shares during the last quarter. Brooklyn Investment Group grew its holdings in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after purchasing an additional 581 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after purchasing an additional 603 shares in the last quarter. Forum Financial Management LP lifted its holdings in shares of Corebridge Financial by 4.0% in the 2nd quarter. Forum Financial Management LP now owns 16,360 shares of the company’s stock valued at $581,000 after purchasing an additional 630 shares during the last quarter. Finally, 3Chopt Investment Partners LLC boosted its position in shares of Corebridge Financial by 7.2% in the 2nd quarter. 3Chopt Investment Partners LLC now owns 9,883 shares of the company’s stock valued at $351,000 after purchasing an additional 663 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Barclays lowered their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Evercore ISI cut their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corebridge Financial in a research report on Tuesday, November 25th. Finally, Wells Fargo & Company lowered their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the transaction, the insider directly owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Trading Down 1.0%

NYSE:CRBG opened at $29.73 on Tuesday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock’s 50 day simple moving average is $31.01 and its 200-day simple moving average is $32.84. The firm has a market cap of $15.48 billion, a P/E ratio of 17.70, a PEG ratio of 0.41 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the business earned $1.23 earnings per share. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

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

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.