849,828 Shares in Corebridge Financial, Inc. $CRBG Acquired by Legal & General Group Plc

Legal & General Group Plc bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 849,828 shares of the company’s stock, valued at approximately $24,331,000. Legal & General Group Plc owned approximately 0.19% of Corebridge Financial as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CRBG. State of Michigan Retirement System purchased a new stake in shares of Corebridge Financial during the 4th quarter worth $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in Corebridge Financial in the fourth quarter valued at $5,358,000. Vanguard Group Inc. increased its holdings in Corebridge Financial by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after buying an additional 311,133 shares during the last quarter. New York State Teachers Retirement System purchased a new position in shares of Corebridge Financial in the 4th quarter valued at about $2,072,000. Finally, State of Wyoming purchased a new stake in Corebridge Financial during the second quarter worth approximately $899,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CRBG shares. UBS Group upped their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Barclays boosted their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Piper Sandler increased their target price 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. Finally, TD Cowen boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial Stock Performance

Shares of CRBG opened at $32.60 on Friday. The company’s 50 day simple moving average is $31.43 and its 200-day simple moving average is $28.32. The firm has a market cap of $14.53 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.01. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the prior year, the business earned $1.36 EPS. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.57 EPS for the current year.

Corebridge Financial Announces Dividend

The firm 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 dividend of $0.25 per share. 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, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, the executive vice president owned 46,473 shares of the company’s stock, valued at $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,409 shares of company stock valued at $805,626 in the last quarter. Insiders own 0.32% of the company’s stock.

About Corebridge Financial

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.