AustralianSuper Pty Ltd Grows Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

AustralianSuper Pty Ltd increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 69.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,584,707 shares of the company’s stock after buying an additional 649,718 shares during the period. AustralianSuper Pty Ltd’s holdings in Corebridge Financial were worth $47,430,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial during the 3rd quarter worth $27,000. Fortitude Family Office LLC purchased a new stake in Corebridge Financial during the 4th quarter worth $27,000. FNY Investment Advisers LLC purchased a new stake in Corebridge Financial during the 4th quarter worth $27,000. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial during the 3rd quarter worth $28,000. Finally, HM Payson & Co. purchased a new stake in Corebridge Financial during the 3rd quarter worth $29,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on CRBG shares. BMO Capital Markets started coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. TD Cowen raised their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley raised their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Piper Sandler raised their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.43.

Corebridge Financial Trading Up 3.3 %

Corebridge Financial stock opened at $33.09 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $31.40 and a two-hundred day moving average price of $30.16. The firm has a market capitalization of $18.82 billion, a price-to-earnings ratio of -15.83, a PEG ratio of 0.37 and a beta of 0.94. Corebridge Financial, Inc. has a 52-week low of $23.77 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.90%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s payout ratio is presently -44.02%.

About Corebridge Financial

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.