Plato Investment Management Ltd Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Plato Investment Management Ltd acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,484 shares of the company’s stock, valued at approximately $100,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tidal Investments LLC increased its holdings in Corebridge Financial by 154.6% during the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock worth $737,000 after buying an additional 15,574 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Corebridge Financial by 772.7% in the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock valued at $9,523,000 after purchasing an additional 293,487 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Corebridge Financial by 21.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,535,921 shares of the company’s stock valued at $72,857,000 after purchasing an additional 455,889 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in shares of Corebridge Financial in the first quarter valued at $751,000. Finally, Senator Investment Group LP acquired a new position in shares of Corebridge Financial in the first quarter valued at $13,216,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRBG has been the subject of a number of recent research reports. Evercore ISI boosted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Bank of America reduced their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, May 10th. Finally, UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.46.

Corebridge Financial Stock Down 6.2 %

Shares of CRBG traded down $1.84 during trading hours on Thursday, reaching $27.71. The stock had a trading volume of 7,345,375 shares, compared to its average volume of 4,248,174. Corebridge Financial, Inc. has a 12 month low of $17.40 and a 12 month high of $34.66. The firm has a 50-day simple moving average of $29.43 and a 200 day simple moving average of $27.47. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $16.86 billion, a price-to-earnings ratio of 7.78, a P/E/G ratio of 0.40 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.03. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period last year, the business earned $1.04 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.09% of the stock is currently owned by insiders.

About Corebridge Financial

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.