IFM Investors Pty Ltd Purchases 12,121 Shares of Corebridge Financial, Inc. $CRBG

IFM Investors Pty Ltd lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 30.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 51,745 shares of the company’s stock after acquiring an additional 12,121 shares during the quarter. IFM Investors Pty Ltd’s holdings in Corebridge Financial were worth $1,837,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Morgan Stanley increased their price objective on Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. Piper Sandler increased their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. BMO Capital Markets increased their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, June 27th. Finally, Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.80.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Corebridge Financial Trading Up 2.0%

CRBG opened at $33.40 on Tuesday. The stock has a market cap of $17.99 billion, a PE ratio of -54.75, a PEG ratio of 0.55 and a beta of 1.06. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The business has a 50 day moving average of $34.19 and a 200-day moving average of $32.49. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion during 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 in the previous year, the business earned $1.13 earnings per share. Equities research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s payout ratio is presently -157.38%.

Corebridge Financial 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.