Korea Investment CORP Buys New Stake in Corebridge Financial, Inc. $CRBG

Korea Investment CORP purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 26,574 shares of the company’s stock, valued at approximately $761,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRBG. Bank of Nova Scotia grew its stake in shares of Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after purchasing an additional 340 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Corebridge Financial by 2.5% during 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 lifted its position in shares of Corebridge Financial by 10.2% during 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 boosted its stake in Corebridge Financial by 7.1% in the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock valued at $212,000 after buying an additional 465 shares in the last quarter. Finally, Rothschild Investment LLC boosted its stake in 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 buying an additional 520 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, EVP Elizabeth B. Cropper sold 7,745 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,536,397.38. This represents a 14.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company’s stock.

Corebridge Financial Trading Down 0.4%

Shares of CRBG opened at $31.83 on Wednesday. The stock has a fifty day moving average price of $31.23 and a two-hundred day moving average price of $28.26. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.22. The company has a market cap of $14.19 billion, a price-to-earnings ratio of 18.61, a PEG ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the business earned $1.36 earnings per share. Analysts predict that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Analyst Ratings Changes

Several research analysts have issued reports on CRBG shares. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Piper Sandler upped their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. UBS Group increased their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Finally, Barclays lifted their price target 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. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.42.

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.