Swiss National Bank Raises Stock Position in Corebridge Financial, Inc. $CRBG

Swiss National Bank boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 814,165 shares of the company’s stock after buying an additional 33,700 shares during the quarter. Swiss National Bank’s holdings in Corebridge Financial were worth $19,426,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CRBG. California Public Employees Retirement System grew its stake in shares of Corebridge Financial by 11.0% during the first quarter. California Public Employees Retirement System now owns 555,559 shares of the company’s stock worth $13,256,000 after purchasing an additional 55,130 shares in the last quarter. Bessemer Group Inc. increased its stake in Corebridge Financial by 1.4% in the first quarter. Bessemer Group Inc. now owns 129,282 shares of the company’s stock valued at $3,086,000 after purchasing an additional 1,797 shares during the period. Fifth Third Bancorp raised its stake in Corebridge Financial by 28,151.1% during the 1st quarter. Fifth Third Bancorp now owns 176,852 shares of the company’s stock valued at $4,220,000 after acquiring an additional 176,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Corebridge Financial by 4.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 532,153 shares of the company’s stock worth $12,697,000 after purchasing an additional 20,615 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its holdings in shares of Corebridge Financial by 5.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 79,386 shares of the company’s stock valued at $1,879,000 after acquiring an additional 3,882 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CRBG. Bank of America reduced their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. TD Cowen raised their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday. Mizuho increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. UBS Group lifted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. 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.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.75.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the sale, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $31.28 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a market cap of $13.95 billion, a P/E ratio of 56.88, a PEG ratio of 0.38 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The business has a 50 day moving average of $28.90 and a two-hundred day moving average of $27.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the company posted $1.16 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.6 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.2%. Corebridge Financial’s dividend payout ratio is presently 181.82%.

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.