L2 Asset Management LLC Invests $757,000 in Corebridge Financial, Inc. $CRBG

L2 Asset Management LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 26,431 shares of the company’s stock, valued at approximately $757,000.

Other institutional investors have also made changes to their positions in the company. Pzena Investment Management LLC bought a new stake in Corebridge Financial during the second quarter worth approximately $967,400,000. BlackRock Inc. acquired a new position in Corebridge Financial during the second quarter valued at approximately $726,494,000. Norges Bank bought a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $611,550,000. Donald Smith & CO. Inc. bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $168,134,000. Finally, Davis Asset Management L.P. acquired a new stake in shares of Corebridge Financial in the second quarter worth $166,054,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Down 0.1%

CRBG opened at $31.92 on Tuesday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.22. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 18.67, a P/E/G ratio of 0.41 and a beta of 1.08. The business has a 50 day moving average of $31.18 and a 200-day moving average of $28.26.

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

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Insider Buying and Selling at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David Ditillo sold 12,414 shares of the 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 approximately $3,779,202. The trade was a 10.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 24,409 shares of company stock worth $805,626 over the last 90 days. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CRBG. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Wells Fargo & Company raised their price target on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $37.42.

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.