Public Employees Retirement System of Ohio Trims Stake in Corebridge Financial, Inc. $CRBG

Public Employees Retirement System of Ohio cut its position in Corebridge Financial, Inc. (NYSE:CRBG) by 8.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 129,434 shares of the company’s stock after selling 12,235 shares during the period. Public Employees Retirement System of Ohio’s holdings in Corebridge Financial were worth $4,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CRBG. Farther Finance Advisors LLC lifted its position in Corebridge Financial by 463.4% during the second quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock valued at $90,000 after purchasing an additional 2,076 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in Corebridge Financial by 1.3% during the 2nd quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company’s stock valued at $2,669,000 after buying an additional 1,000 shares in the last quarter. IFM Investors Pty Ltd increased its position in Corebridge Financial by 30.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 51,745 shares of the company’s stock valued at $1,837,000 after purchasing an additional 12,121 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new position in Corebridge Financial during the 2nd quarter valued at about $3,319,000. Finally, Chesley Taft & Associates LLC increased its position in Corebridge Financial by 13.6% during the 2nd quarter. Chesley Taft & Associates LLC now owns 15,705 shares of the company’s stock valued at $558,000 after purchasing an additional 1,885 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, July 2nd. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Morgan Stanley upped their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $40.80.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $32.98 on Tuesday. The firm has a market capitalization of $17.76 billion, a P/E ratio of -54.07, a PEG ratio of 0.57 and a beta of 1.06. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company’s fifty day moving average is $34.00 and its two-hundred day moving average is $32.56. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the firm earned $1.13 EPS. Analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. 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 2.9%. Corebridge Financial’s dividend payout ratio is currently -157.38%.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

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.