Geode Capital Management LLC Raises Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Geode Capital Management LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,186,265 shares of the company’s stock after purchasing an additional 215,362 shares during the quarter. Geode Capital Management LLC’s holdings in Corebridge Financial were worth $121,765,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CRBG. Canada Pension Plan Investment Board grew its holdings in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after buying an additional 4,507,322 shares in the last quarter. Marshall Wace LLP grew its stake in Corebridge Financial by 201.1% in the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after acquiring an additional 2,677,105 shares during the period. Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 150.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after acquiring an additional 2,137,594 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after purchasing an additional 1,282,154 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after purchasing an additional 915,848 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several analyst reports. Barclays upped their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Morgan Stanley lifted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.00 on Wednesday. Corebridge Financial, Inc. has a 52 week low of $21.40 and a 52 week high of $34.66. The company’s fifty day simple moving average is $31.29 and its 200-day simple moving average is $29.52. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market cap of $17.06 billion, a PE ratio of -14.35, a P/E/G ratio of 0.39 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.07%. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by corporate insiders.

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.