Wedge Capital Management L L P NC Has $2.67 Million Position in Corebridge Financial, Inc. $CRBG

Wedge Capital Management L L P NC increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,189 shares of the company’s stock after buying an additional 1,000 shares during the period. Wedge Capital Management L L P NC’s holdings in Corebridge Financial were worth $2,669,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CRBG. Sunbelt Securities Inc. acquired a new stake in shares of Corebridge Financial in the 4th quarter valued at about $30,000. Brooklyn Investment Group grew its stake in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after buying an additional 581 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at about $75,000. SVB Wealth LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at about $85,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at about $156,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Up 0.7%

NYSE:CRBG opened at $32.75 on Monday. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The stock has a market capitalization of $17.63 billion, a PE ratio of -53.68, a price-to-earnings-growth ratio of 0.55 and a beta of 1.06. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm’s 50 day moving average is $34.22 and its 200 day moving average is $32.49.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates 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 period in the previous year, the business earned $1.13 EPS. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

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

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Barclays dropped their price target on shares of Corebridge Financial from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, September 5th. BMO Capital Markets raised their price target 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. Morgan Stanley raised their price target 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. Finally, Keefe, Bruyette & Woods raised their price target 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. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $40.80.

Corebridge Financial Company 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.