Corebridge Financial, Inc. $CRBG Shares Bought by California Public Employees Retirement System

California Public Employees Retirement System increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 11.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 555,559 shares of the company’s stock after purchasing an additional 55,130 shares during the period. California Public Employees Retirement System’s holdings in Corebridge Financial were worth $13,256,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Corebridge Financial in the fourth quarter worth about $611,550,000. State Street Corp grew its position in shares of Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after purchasing an additional 3,413,384 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Corebridge Financial by 91.5% in the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Amundi lifted its position in Corebridge Financial by 227.7% during the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock worth $107,162,000 after buying an additional 2,467,981 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.4%

Corebridge Financial stock opened at $31.28 on Friday. The stock has a 50-day moving average price of $28.90 and a 200 day moving average price of $27.94. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The stock has a market cap of $13.95 billion, a PE ratio of 56.88, a P/E/G ratio of 0.38 and a beta of 1.10. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period last year, the business earned $1.16 earnings per share. Equities research analysts predict that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal 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 given a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. Corebridge Financial’s payout ratio is currently 181.82%.

Analysts Set New Price Targets

Several research firms have recently commented on CRBG. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Finally, Bank of America dropped their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.75.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the sale, the insider owned 128,153 shares in the company, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

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.