Barclays PLC Purchases 59,702 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Barclays PLC lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 20.0% during the third quarter, Holdings Channel.com reports. The firm owned 358,035 shares of the company’s stock after buying an additional 59,702 shares during the quarter. Barclays PLC’s holdings in Corebridge Financial were worth $10,441,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in CRBG. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial during the third quarter worth about $27,000. Capital Performance Advisors LLP bought a new position in shares of Corebridge Financial during the third quarter worth approximately $28,000. ORG Wealth Partners LLC acquired a new stake in shares of Corebridge Financial in the third quarter valued at approximately $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial in the third quarter valued at approximately $29,000. Finally, LRI Investments LLC acquired a new stake in Corebridge Financial during the second quarter worth approximately $30,000. Institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

CRBG has been the subject of several analyst reports. Piper Sandler dropped their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Barclays upped their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen upped their price target 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. Finally, DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Trading Down 0.1 %

Shares of CRBG stock opened at $30.66 on Tuesday. Corebridge Financial, Inc. has a twelve month low of $21.40 and a twelve month high of $34.66. The stock’s fifty day simple moving average is $31.28 and its 200 day simple moving average is $29.51. 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 market capitalization of $17.44 billion, a P/E ratio of -14.67, a P/E/G ratio of 0.39 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.05 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -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.