Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 483,478 shares of the company’s stock after buying an additional 8,499 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Corebridge Financial were worth $14,098,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at about $28,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $29,000. LRI Investments LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter worth about $30,000. Finally, Covestor Ltd raised its position in shares of Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.2 %

CRBG opened at $30.48 on Monday. The firm’s 50-day simple moving average is $29.87 and its 200-day simple moving average is $29.31. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a twelve month low of $19.26 and a twelve month high of $34.66. The firm has a market cap of $17.34 billion, a price-to-earnings ratio of -14.58, a PEG ratio of 0.39 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.02%. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent analyst reports. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Barclays boosted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada dropped their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Morgan Stanley boosted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.