Hsbc Holdings PLC Purchases Shares of 114,325 Corebridge Financial, Inc. $CRBG

Hsbc Holdings PLC acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 114,325 shares of the company’s stock, valued at approximately $3,270,000.

Other large investors also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in Corebridge Financial during the second quarter worth $9,415,000. Legal & General Group Plc bought a new position in Corebridge Financial during the 2nd quarter valued at $24,331,000. The Manufacturers Life Insurance Company bought a new position in Corebridge Financial during the 2nd quarter valued at $19,599,000. L2 Asset Management LLC purchased a new position in Corebridge Financial during the 2nd quarter worth $757,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Corebridge Financial in the 2nd quarter worth $387,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several analyst reports. Piper Sandler increased their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Barclays upped their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their price objective 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. Keefe, Bruyette & Woods lifted 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. Finally, UBS Group boosted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $37.42.

Insider Activity

In other news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the sale, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 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 owned 46,473 shares in the company, valued at $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.60 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $14.53 billion, a price-to-earnings ratio of 19.06, a P/E/G ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.01. The firm’s 50-day simple moving average is $31.43 and its two-hundred day simple moving average is $28.32.

Corebridge Financial (NYSE:CRBG) last posted 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. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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