Callan Family Office LLC Buys Shares of 24,368 Corebridge Financial, Inc. $CRBG

Callan Family Office LLC purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 24,368 shares of the company’s stock, valued at approximately $698,000.

Several other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth bought a new position in Corebridge Financial in the 1st quarter worth about $384,000. Creative Planning acquired a new stake in shares of Corebridge Financial in the second quarter valued at approximately $243,000. EverSource Wealth Advisors LLC increased its stake in shares of Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after purchasing an additional 1,688 shares during the period. Finally, Cerity Partners LLC raised its holdings in shares of Corebridge Financial by 64.4% during the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after buying an additional 36,239 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $31.83 on Wednesday. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.22. The stock has a market cap of $14.19 billion, a price-to-earnings ratio of 18.61, a PEG ratio of 0.41 and a beta of 1.08. The stock’s 50 day moving average price is $31.23 and its 200 day moving average price is $28.26. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company posted $1.36 EPS. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s dividend payout ratio is 58.48%.

Insider Activity

In related news, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of Corebridge Financial stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the transaction, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,409 shares of company stock valued at $805,626 in the last ninety days. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRBG. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. 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. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Piper Sandler boosted their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Corebridge Financial 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.