The Manufacturers Life Insurance Company Buys New Holdings in Corebridge Financial, Inc. $CRBG

The Manufacturers Life Insurance Company purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 684,548 shares of the company’s stock, valued at approximately $19,599,000. The Manufacturers Life Insurance Company owned 0.15% of Corebridge Financial at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pzena Investment Management LLC purchased a new position in shares of Corebridge Financial in the 2nd quarter worth about $967,400,000. BlackRock Inc. purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth about $726,494,000. Norges Bank purchased a new stake in shares of Corebridge Financial during the 4th quarter worth about $611,550,000. Donald Smith & CO. Inc. acquired a new stake in Corebridge Financial during the 2nd quarter worth approximately $168,134,000. Finally, Davis Asset Management L.P. acquired a new stake in Corebridge Financial during the 2nd quarter worth approximately $166,054,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $32.60 on Friday. The firm has a market capitalization of $14.53 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.22. The stock’s 50 day moving average price is $31.36 and its 200 day moving average price is $28.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) 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 company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the company earned $1.36 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.57 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid 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%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Barclays lifted their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Nine research 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 has an average rating of “Moderate Buy” and a consensus price target of $37.42.

Insider Buying and Selling at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock valued at $805,626 over the last 90 days. Insiders own 0.32% of the company’s stock.

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.