SEB Asset Management AB Makes New Investment in Corebridge Financial, Inc. $CRBG

SEB Asset Management AB bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the first quarter, HoldingsChannel reports. The institutional investor bought 58,190 shares of the company’s stock, valued at approximately $1,388,000.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Corebridge Financial during the fourth quarter worth approximately $611,550,000. State Street Corp lifted its position 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 purchasing an additional 3,465,371 shares during the period. Pzena Investment Management LLC lifted its holdings in Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after acquiring an additional 3,413,384 shares during the period. AQR Capital Management LLC lifted its position in shares of Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after acquiring an additional 2,823,801 shares during the period. Finally, Amundi grew its holdings in Corebridge Financial by 227.7% in the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after purchasing an additional 2,467,981 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CRBG shares. Bank of America dropped their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. UBS Group increased their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Mizuho lifted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.75.

Insiders Place Their Bets

In other news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares in the company, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.

Corebridge Financial Trading Down 2.7%

Corebridge Financial stock opened at $30.82 on Friday. The firm has a 50 day simple moving average of $28.83 and a 200-day simple moving average of $27.92. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $13.74 billion, a PE ratio of 56.04, a price-to-earnings-growth ratio of 0.39 and a beta of 1.10. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the prior year, the firm posted $1.16 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

About Corebridge Financial

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.