VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 388,050 Corebridge Financial, Inc. $CRBG

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, HoldingsChannel reports. The fund acquired 388,050 shares of the company’s stock, valued at approximately $11,110,000.

Several other large investors also recently made changes to their positions in the business. Pzena Investment Management LLC acquired a new position in Corebridge Financial during the 2nd quarter worth about $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $726,494,000. Norges Bank bought a new stake in shares of Corebridge Financial during the fourth quarter worth approximately $611,550,000. State Street Corp lifted its holdings in Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after buying an additional 3,465,371 shares during the period. Finally, California State Teachers Retirement System grew its holdings in Corebridge Financial by 1,961.1% during the 2nd quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company’s stock worth $299,143,000 after acquiring an additional 9,941,626 shares during the period. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. UBS Group increased their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Jefferies Financial Group raised their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the transaction, the insider 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 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 the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of 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 position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 24,409 shares of company stock valued at $805,626. 0.32% of the stock is owned by company insiders.

Corebridge Financial Stock Performance

CRBG stock opened at $33.76 on Wednesday. The business’s 50-day moving average price is $32.14 and its two-hundred day moving average price is $28.43. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market cap of $15.05 billion, a PE ratio of 19.74, a P/E/G ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $34.82.

Corebridge Financial (NYSE:CRBG) last posted its 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 analysts’ expectations of $4.66 billion. During the same period in the previous year, the firm earned $1.36 earnings per share. As a group, research analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. Corebridge Financial’s payout ratio is currently 58.48%.

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.