Jefferies Financial Group Inc. Takes Position in Corebridge Financial, Inc. $CRBG

Jefferies Financial Group Inc. purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 235,574 shares of the company’s stock, valued at approximately $6,744,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Bank of Nova Scotia lifted its position in Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the period. Integrated Wealth Concepts LLC grew its position in shares of 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 buying an additional 383 shares during the period. Van ECK Associates Corp grew its position in shares of Corebridge Financial by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after buying an additional 435 shares during the period. Empowered Funds LLC increased its stake in shares of Corebridge Financial by 7.1% in the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after acquiring an additional 465 shares in the last quarter. Finally, Rothschild Investment LLC increased its stake in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRBG shares. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Piper Sandler raised their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Jefferies Financial Group boosted their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 12,414 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares in the company, valued at $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 $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. In the last quarter, insiders sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company’s stock.

Corebridge Financial Price Performance

CRBG opened at $32.60 on Friday. The firm has a market cap of $14.53 billion, a PE ratio of 19.06, a P/E/G ratio of 0.42 and a beta of 1.08. The stock has a 50-day moving average price of $31.43 and a 200-day moving average price of $28.32. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.01. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The company 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 period in the prior year, the firm posted $1.36 EPS. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.57 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

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.