Los Angeles Capital Management LLC Boosts Stock Holdings in Corebridge Financial, Inc. $CRBG

Los Angeles Capital Management LLC boosted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 41.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 113,579 shares of the company’s stock after buying an additional 33,142 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Corebridge Financial were worth $4,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CRBG. Bank of New York Mellon Corp raised its holdings in Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock valued at $42,399,000 after acquiring an additional 172,475 shares during the period. Atlas Capital Advisors Inc. grew its position in shares of Corebridge Financial by 1,178.9% in the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company’s stock valued at $801,000 after purchasing an additional 23,401 shares in the last quarter. iA Global Asset Management Inc. bought a new stake in shares of Corebridge Financial during the 1st quarter valued at $358,000. Strs Ohio bought a new stake in shares of Corebridge Financial during the 1st quarter valued at $1,823,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Corebridge Financial during the 1st quarter worth about $1,257,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Up 0.6%

Shares of CRBG stock opened at $30.13 on Tuesday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77. The business has a 50-day moving average price of $32.25 and a two-hundred day moving average price of $33.05. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The firm has a market cap of $15.68 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 0.43 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. Corebridge Financial’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.23 earnings per share. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRBG shares. Barclays reduced their target price on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Morgan Stanley decreased their target price on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Wells Fargo & Company cut their price target on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Finally, Evercore ISI reduced their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.73.

About Corebridge Financial

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.