Corebridge Financial, Inc. $CRBG Shares Bought by Tidal Investments LLC

Tidal Investments LLC grew its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 42.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,351 shares of the company’s stock after purchasing an additional 27,992 shares during the quarter. Tidal Investments LLC’s holdings in Corebridge Financial were worth $2,673,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. National Pension Service raised its position in shares of Corebridge Financial by 83.2% during the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock worth $591,000 after purchasing an additional 9,375 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in Corebridge Financial in the 2nd quarter worth about $1,729,000. Engineers Gate Manager LP purchased a new stake in Corebridge Financial during the 2nd quarter worth approximately $4,186,000. Integrated Wealth Concepts LLC increased its stake in Corebridge Financial by 5.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 17,662 shares of the company’s stock worth $506,000 after buying an additional 899 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in Corebridge Financial by 112.3% during the 2nd quarter. Squarepoint Ops LLC now owns 446,670 shares of the company’s stock worth $12,788,000 after buying an additional 236,266 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 0.5%

Shares of CRBG opened at $34.99 on Wednesday. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.39. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $32.60 and a two-hundred day simple moving average of $28.65. The company has a market capitalization of $15.60 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08.

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

Corebridge Financial Announces Dividend

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

Analysts Set New Price Targets

CRBG has been the topic of several research reports. Jefferies Financial Group raised their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Mizuho raised their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Piper Sandler lifted their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Barclays increased their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Insider Buying and Selling at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the sale, the executive vice president owned 46,473 shares in the company, valued at $1,536,397.38. This trade represents a 14.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 33,145 shares of company stock worth $1,111,386 in the last ninety days. 0.32% of the stock is owned by insiders.

Corebridge Financial Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.