Sei Investments Co. Acquires 85,511 Shares of Corebridge Financial, Inc. $CRBG

Sei Investments Co. lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 10.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 922,629 shares of the company’s stock after purchasing an additional 85,511 shares during the period. Sei Investments Co.’s holdings in Corebridge Financial were worth $22,014,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank purchased a new position in Corebridge Financial during the fourth quarter valued at $611,550,000. State Street Corp increased its position in Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Pzena Investment Management LLC increased its position in Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock worth $645,313,000 after buying an additional 3,413,384 shares in the last quarter. AQR Capital Management LLC raised its stake 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 worth $178,340,000 after buying an additional 2,823,801 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after buying an additional 2,689,611 shares during the period. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRBG. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Barclays raised their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Finally, Bank of America reduced their price objective 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 given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the 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 completion of the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Corebridge Financial Stock Performance

CRBG opened at $32.33 on Wednesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $14.41 billion, a price-to-earnings ratio of 58.78, a PEG ratio of 0.40 and a beta of 1.10. The company has a fifty day moving average of $29.10 and a 200 day moving average of $27.94. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced 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 company had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.55 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s payout ratio is 181.82%.

Corebridge Financial Company 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.