Public Employees Retirement System of Ohio Purchases Shares of 95,852 Corebridge Financial, Inc. $CRBG

Public Employees Retirement System of Ohio acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 95,852 shares of the company’s stock, valued at approximately $2,744,000.

Several other hedge funds also recently made changes to their positions in CRBG. Goldman Sachs Group Inc. lifted its stake in Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth acquired a new position in Corebridge Financial in the first quarter worth approximately $384,000. Creative Planning acquired a new position in Corebridge Financial in the second quarter worth approximately $243,000. EverSource Wealth Advisors LLC increased its holdings in shares of Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after buying an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after buying an additional 36,239 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity

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

Analyst Ratings Changes

Several research firms have recently weighed in on CRBG. Piper Sandler raised their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Barclays boosted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Wells Fargo & Company upped their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, JPMorgan Chase & Co. dropped their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.42.

Corebridge Financial Trading Down 0.9%

Corebridge Financial stock opened at $34.45 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $34.82. 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 firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 0.44 and a beta of 1.08. The company has a 50 day moving average price of $31.93 and a 200 day moving average price of $28.41.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the business earned $1.36 EPS. Research analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Corebridge Financial Company 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.