Fifth Third Bancorp Has $4.22 Million Position in Corebridge Financial, Inc. $CRBG

Fifth Third Bancorp lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 28,151.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 176,852 shares of the company’s stock after acquiring an additional 176,226 shares during the quarter. Fifth Third Bancorp’s holdings in Corebridge Financial were worth $4,220,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Michigan Retirement System acquired a new stake in shares of Corebridge Financial during the fourth quarter worth $2,130,000. Yousif Capital Management LLC boosted its position in shares of Corebridge Financial by 873.3% during the fourth quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock worth $2,591,000 after purchasing an additional 79,018 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of Corebridge Financial during the fourth quarter worth $5,358,000. Retirement Systems of Alabama grew its holdings in shares of Corebridge Financial by 241.4% in the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock valued at $13,690,000 after buying an additional 320,851 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after buying an additional 311,133 shares during the period. 98.25% of the stock is owned by institutional investors.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the sale, the insider directly owned 128,153 shares in the company, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CRBG. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Bank of America cut their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Piper Sandler upped their price objective on Corebridge Financial from $31.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.88 on Friday. The company has a market capitalization of $14.21 billion, a P/E ratio of 57.96, a P/E/G ratio of 0.39 and a beta of 1.10. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a 50-day moving average price of $28.45 and a two-hundred day moving average price of $27.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the business earned $1.16 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 4.63 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial’s payout ratio is 181.82%.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.