Jupiter Topco LLC Takes $1.21 Million Position in Corebridge Financial, Inc. $CRBG

Jupiter Topco LLC purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 42,345 shares of the company’s stock, valued at approximately $1,212,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of Nova Scotia raised its position in Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after purchasing an additional 383 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after purchasing an additional 435 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Corebridge Financial by 7.1% during the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after purchasing an additional 465 shares in the last quarter. Finally, Rothschild Investment LLC raised its position in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of CRBG opened at $34.45 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $15.36 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 0.44 and a beta of 1.08. The company’s 50 day simple moving average is $31.93 and its 200 day simple moving average is $28.41. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $34.82.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the company earned $1.36 EPS. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the sale, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. This trade represents a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock valued at $805,626 over the last quarter. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Jefferies Financial Group raised their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Piper Sandler boosted their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. reduced their price objective on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods increased their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

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.