Truist Financial Corp Grows Stake in Corebridge Financial, Inc. $CRBG

Truist Financial Corp increased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 12.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,940,613 shares of the company’s stock after buying an additional 209,671 shares during the period. Truist Financial Corp owned 0.36% of Corebridge Financial worth $62,197,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CRBG. Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after acquiring an additional 10,673,099 shares in the last quarter. Norges Bank bought a new position in shares of Corebridge Financial in the second quarter worth approximately $145,632,000. Goldman Sachs Group Inc. raised its stake in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares in the last quarter. Bank of America Corp DE lifted its position in Corebridge Financial by 42.8% during the second quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after purchasing an additional 864,946 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Corebridge Financial by 113.7% during the second quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock valued at $45,195,000 after purchasing an additional 677,111 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.40 on Thursday. The firm has a fifty day simple moving average of $30.32 and a two-hundred day simple moving average of $32.01. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a market capitalization of $15.82 billion, a PE ratio of 18.10, a P/E/G ratio of 0.42 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the prior year, the firm posted $1.23 EPS. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. Research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were given a $0.24 dividend. The ex-dividend date was Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.2%. Corebridge Financial’s payout ratio is presently 57.14%.

Wall Street Analyst Weigh In

CRBG has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Mizuho assumed coverage on Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 target price on the stock. UBS Group lowered their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Barclays dropped their price target on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, January 8th. Finally, Wolfe Research initiated coverage on Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating on the stock. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $37.70.

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.