TD Asset Management Inc Boosts Holdings in Corebridge Financial, Inc. $CRBG

TD Asset Management Inc raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 117.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,250 shares of the company’s stock after buying an additional 33,127 shares during the quarter. TD Asset Management Inc’s holdings in Corebridge Financial were worth $2,174,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group lifted its stake in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after purchasing an additional 581 shares in the last quarter. 3Chopt Investment Partners LLC lifted its stake in shares of Corebridge Financial by 7.2% in the 2nd quarter. 3Chopt Investment Partners LLC now owns 9,883 shares of the company’s stock valued at $351,000 after purchasing an additional 663 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after purchasing an additional 673 shares in the last quarter. Wedge Capital Management L L P NC lifted its stake in shares of Corebridge Financial by 1.3% in the 2nd quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company’s stock valued at $2,669,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Corebridge Financial by 0.4% in the 1st quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock valued at $9,703,000 after purchasing an additional 1,215 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $32.15 on Wednesday. The company has a market cap of $17.31 billion, a P/E ratio of -52.70, a PEG ratio of 0.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The business’s 50-day simple moving average is $33.13 and its 200 day simple moving average is $32.59.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business earned $1.13 EPS. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.0%. Corebridge Financial’s payout ratio is currently -157.38%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CRBG shares. BMO Capital Markets lifted their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, June 27th. Morgan Stanley reduced their price objective on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Wolfe Research assumed coverage on Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating on the stock. Evercore ISI dropped their target price on Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Finally, Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $39.91.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.