Wellington Management Group LLP Acquires Shares of 3,474,280 Corebridge Financial, Inc. $CRBG

Wellington Management Group LLP acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 3,474,280 shares of the company’s stock, valued at approximately $99,469,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rothschild Investment LLC lifted its holdings in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc purchased a new position in Corebridge Financial during the 2nd quarter worth approximately $27,000. Sonoma Allocations LLC acquired a new position in Corebridge Financial during the first quarter worth approximately $30,000. Allworth Financial LP acquired a new position in Corebridge Financial during the second quarter worth approximately $41,000. Finally, Versant Capital Management Inc lifted its stake in Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $32.16 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50 day simple moving average of $31.57 and a 200-day simple moving average of $28.32. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $34.81. The stock has a market capitalization of $14.34 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $1.36 EPS. Equities analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current 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 issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s payout ratio is presently 58.48%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRBG. JPMorgan Chase & Co. decreased their price objective on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Barclays lifted their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Mizuho raised their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Finally, UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus 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 Corebridge Financial stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, the executive vice president owned 46,473 shares in the company, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company’s stock.

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.