Geode Capital Management LLC Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Geode Capital Management LLC increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 5.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,186,265 shares of the company’s stock after buying an additional 215,362 shares during the quarter. Geode Capital Management LLC owned about 0.74% of Corebridge Financial worth $121,765,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Corebridge Financial by 15.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,087 shares of the company’s stock valued at $294,000 after acquiring an additional 1,364 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Corebridge Financial during the 2nd quarter worth $1,348,000. Raymond James & Associates grew its position in Corebridge Financial by 145.1% during the 2nd quarter. Raymond James & Associates now owns 150,959 shares of the company’s stock worth $4,396,000 after purchasing an additional 89,380 shares during the last quarter. Fifth Third Bancorp acquired a new position in Corebridge Financial in the second quarter valued at $54,000. Finally, LRI Investments LLC purchased a new stake in shares of Corebridge Financial in the second quarter valued at about $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 1.4 %

Shares of NYSE CRBG opened at $30.00 on Wednesday. The stock has a market capitalization of $17.06 billion, a price-to-earnings ratio of -14.35, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. Corebridge Financial, Inc. has a 52 week low of $21.40 and a 52 week high of $34.66. The firm has a 50-day moving average price of $31.29 and a 200 day moving average price of $29.52. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 39.5% on a year-over-year basis. During the same period last year, the firm earned $1.05 EPS. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.07%. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CRBG shares. TD Cowen raised their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays increased their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Profile

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.