Perpetual Ltd Acquires New Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Perpetual Ltd acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 9,972 shares of the company’s stock, valued at approximately $298,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its position in Corebridge Financial by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after buying an additional 284,781 shares in the last quarter. State Street Corp lifted its position in Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after buying an additional 843,559 shares in the last quarter. FMR LLC lifted its position in Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after buying an additional 598,373 shares in the last quarter. AQR Capital Management LLC lifted its position in Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Donald Smith & CO. Inc. lifted its position in Corebridge Financial by 12.7% during the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after buying an additional 489,545 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Up 1.4 %

Shares of CRBG opened at $32.71 on Friday. Corebridge Financial, Inc. has a 52 week low of $23.01 and a 52 week high of $34.66. The firm has a market cap of $18.61 billion, a P/E ratio of -15.65, a price-to-earnings-growth ratio of 0.36 and a beta of 0.92. The firm’s 50-day simple moving average is $30.92 and its 200 day simple moving average is $29.77. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $1.05 EPS. The business’s revenue was up 39.5% compared to the same quarter last year. On average, analysts forecast that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.81%. Corebridge Financial’s payout ratio is presently -44.02%.

Wall Street Analyst Weigh In

Several brokerages have commented on CRBG. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. BMO Capital Markets started coverage on shares of Corebridge Financial in a report on Thursday. They issued an “outperform” rating and a $43.00 target price on the stock. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Finally, Morgan Stanley upped their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.43.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

Corebridge Financial 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.