Mackenzie Financial Corp Purchases 516,271 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Mackenzie Financial Corp boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 850.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 577,005 shares of the company’s stock after buying an additional 516,271 shares during the quarter. Mackenzie Financial Corp owned approximately 0.09% of Corebridge Financial worth $16,802,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CRBG. Riverview Trust Co bought a new position in shares of Corebridge Financial during the first quarter valued at about $25,000. LRI Investments LLC bought a new position in Corebridge Financial during the 2nd quarter valued at approximately $30,000. ORG Partners LLC purchased a new stake in Corebridge Financial in the 2nd quarter worth approximately $32,000. Fifth Third Bancorp bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $54,000. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after buying an additional 877 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRBG. Morgan Stanley dropped their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. UBS Group increased their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Barclays initiated coverage on shares of Corebridge Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $33.62.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is owned by corporate insiders.

Corebridge Financial Stock Down 0.2 %

Shares of Corebridge Financial stock opened at $28.90 on Monday. The company has a 50-day simple moving average of $27.95 and a two-hundred day simple moving average of $28.45. The stock has a market capitalization of $17.58 billion, a PE ratio of 7.61, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a 52-week low of $18.83 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the prior year, the firm posted $1.04 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.73 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.23 per share. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.18%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Corebridge Financial Company Profile

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.