Redwood Investment Management LLC Buys Shares of 41,147 Corebridge Financial, Inc. $CRBG

Redwood Investment Management LLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, HoldingsChannel reports. The institutional investor purchased 41,147 shares of the company’s stock, valued at approximately $1,178,000.

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

Analyst Ratings Changes

Several analysts have weighed in on the company. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. decreased their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Finally, Barclays raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Nine investment 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 has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.53 on Thursday. The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 0.41 and a beta of 1.08. The stock has a fifty day moving average of $31.30 and a 200 day moving average of $28.28. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.22. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

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 analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm earned $1.36 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business 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 of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial’s payout ratio is presently 58.48%.

Insider Activity

In related news, 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 transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the 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 completion of the transaction, the executive vice president directly owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 24,409 shares of company stock worth $805,626 in the last quarter. 0.32% of the stock is owned by corporate insiders.

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.