Corebridge Financial, Inc. $CRBG Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 532,153 shares of the company’s stock after purchasing an additional 20,615 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Corebridge Financial were worth $12,697,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CRBG. State of Michigan Retirement System purchased a new stake in shares of Corebridge Financial during the fourth quarter worth $2,130,000. Yousif Capital Management LLC boosted its holdings in Corebridge Financial by 873.3% in the fourth quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock valued at $2,591,000 after purchasing an additional 79,018 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in Corebridge Financial during the 4th quarter worth $5,358,000. Retirement Systems of Alabama increased its holdings in Corebridge Financial by 241.4% during the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock worth $13,690,000 after purchasing an additional 320,851 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after purchasing an additional 311,133 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the sale, the insider owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Stock Down 0.3%

Shares of NYSE CRBG opened at $30.71 on Wednesday. The business has a 50-day moving average of $28.20 and a two-hundred day moving average of $27.86. The company has a market capitalization of $13.69 billion, a price-to-earnings ratio of 55.85, a price-to-earnings-growth ratio of 0.35 and a beta of 1.10. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released 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 net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the company posted $1.16 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 4.7 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors 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 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is 181.82%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRBG. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Piper Sandler cut their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, UBS Group boosted their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.08.

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.