Wealthfront Advisers LLC Makes New Investment in Corebridge Financial, Inc. $CRBG

Wealthfront Advisers LLC purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 23,706 shares of the company’s stock, valued at approximately $679,000.

Other large investors also recently made changes to their positions in the company. Bank of Nova Scotia lifted its position in Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after acquiring an additional 340 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in Corebridge Financial by 2.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the period. Van ECK Associates Corp increased its holdings in Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after purchasing an additional 435 shares in the last quarter. Empowered Funds LLC increased its holdings in Corebridge Financial by 7.1% during the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after purchasing an additional 465 shares in the last quarter. Finally, Assetmark Inc. raised its stake in shares of Corebridge Financial by 35.0% in the 4th quarter. Assetmark Inc. now owns 1,877 shares of the company’s stock valued at $57,000 after purchasing an additional 487 shares during the period. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of research reports. Mizuho increased their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Piper Sandler upped their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. decreased their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Finally, Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Insiders Place Their Bets

In related news, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the sale, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 24,409 shares of company stock valued at $805,626. Corporate insiders own 0.32% of the company’s stock.

Corebridge Financial Price Performance

NYSE:CRBG opened at $31.91 on Friday. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.22. The firm has a market capitalization of $14.22 billion, a price-to-earnings ratio of 18.66, a P/E/G ratio of 0.41 and a beta of 1.08. The stock’s 50 day moving average price is $31.13 and its two-hundred day moving average price is $28.26. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.6 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Corebridge Financial Company 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.