KBC Group NV Raises Stock Position in Corebridge Financial, Inc. $CRBG

KBC Group NV boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 54.4% in the first quarter, HoldingsChannel.com reports. The fund owned 558,759 shares of the company’s stock after purchasing an additional 196,950 shares during the period. KBC Group NV’s holdings in Corebridge Financial were worth $13,332,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Corebridge Financial during the fourth quarter worth about $611,550,000. State Street Corp lifted its stake in Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 14.4% in the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after buying an additional 3,413,384 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after buying an additional 2,823,801 shares during the last quarter. Finally, Amundi boosted its holdings in Corebridge Financial by 227.7% in the 4th quarter. Amundi now owns 3,551,944 shares of the company’s stock worth $107,162,000 after buying an additional 2,467,981 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 0.7%

Shares of NYSE CRBG opened at $31.47 on Wednesday. The stock has a market cap of $14.03 billion, a PE ratio of 57.21, a P/E/G ratio of 0.38 and a beta of 1.10. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a 50-day moving average of $28.66 and a 200 day moving average of $27.90.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period last year, the business earned $1.16 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.63 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. UBS Group lifted their price target on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Jefferies Financial Group increased their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Mizuho raised their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

Insiders Place Their Bets

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company’s stock.

Corebridge Financial Profile

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.