Strs Ohio Makes New $1.82 Million Investment in Corebridge Financial, Inc. $CRBG

Strs Ohio acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 57,759 shares of the company’s stock, valued at approximately $1,823,000.

Other institutional investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial in the 4th quarter worth approximately $30,000. Brooklyn Investment Group boosted its holdings in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after acquiring an additional 581 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Corebridge Financial in the first quarter worth $75,000. SVB Wealth LLC bought a new stake in Corebridge Financial in the first quarter worth $85,000. Finally, Headlands Technologies LLC bought a new stake in Corebridge Financial in the first quarter worth $156,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRBG. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. Wells Fargo & Company lifted their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, July 2nd. Morgan Stanley boosted their price target on Corebridge Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, June 27th. Barclays cut their price target on Corebridge Financial from $47.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, September 5th. Finally, Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.80.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares of the company’s stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is owned by insiders.

Corebridge Financial Stock Down 3.5%

NYSE:CRBG opened at $31.36 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market cap of $16.89 billion, a PE ratio of -51.41, a price-to-earnings-growth ratio of 0.55 and a beta of 1.06. The company has a 50-day moving average of $34.35 and a 200 day moving average of $32.50. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same quarter last year, the firm earned $1.13 EPS. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial’s dividend payout ratio (DPR) is presently -157.38%.

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.