L2 Asset Management LLC Acquires Shares of 26,431 Corebridge Financial, Inc. $CRBG

L2 Asset Management LLC bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,431 shares of the company’s stock, valued at approximately $757,000.

Several other institutional investors have also made changes to their positions in the company. OMERS ADMINISTRATION Corp purchased a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $387,000. Osmosis Investment Management UK Ltd acquired a new position in Corebridge Financial in the 2nd quarter worth approximately $365,000. PEAK6 LLC purchased a new position in Corebridge Financial during the 2nd quarter worth approximately $4,122,000. Twin Tree Management LP purchased a new position in Corebridge Financial during the 2nd quarter worth approximately $265,000. Finally, Davis Asset Management L.P. acquired a new stake in Corebridge Financial during the 2nd quarter valued at $166,054,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG opened at $31.92 on Tuesday. The stock has a fifty day moving average price of $31.18 and a 200 day moving average price of $28.26. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.22. The stock has a market cap of $14.23 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping 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 company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the firm posted $1.36 EPS. Analysts forecast that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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 issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Insider Buying and Selling

In related news, insider David Ditillo sold 12,414 shares of the firm’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 transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This trade represents 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 available through 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 firm’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 transaction, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 24,409 shares of company stock worth $805,626 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRBG. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Mizuho lifted their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Wells Fargo & Company upped their price target on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Barclays raised their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average 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.