Public Employees Retirement System of Ohio Takes $2.74 Million Position in Corebridge Financial, Inc. $CRBG

Public Employees Retirement System of Ohio purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, Holdings Channel.com reports. The firm purchased 95,852 shares of the company’s stock, valued at approximately $2,744,000.

Several other hedge funds and other institutional investors have also modified their holdings of CRBG. Pzena Investment Management LLC purchased a new position in Corebridge Financial in the second quarter valued at 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. State Street Corp lifted its holdings in shares of Corebridge Financial by 44.3% during the 4th 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 last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after buying an additional 2,689,611 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRBG. Wells Fargo & Company increased their price objective on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Jefferies Financial Group lifted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. 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. Piper Sandler increased their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.42.

Insider Buying and Selling

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’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 transaction, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. 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 Corebridge Financial stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $34.45 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $15.36 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 0.44 and a beta of 1.08. The business’s 50-day simple moving average is $31.93 and its 200-day simple moving average is $28.41. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week 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 for the quarter, topping the consensus estimate 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 analyst estimates of $4.66 billion. During the same period in the previous year, the company earned $1.36 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.25 dividend. 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 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

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.