Jefferies Financial Group Inc. Invests $6.74 Million in Corebridge Financial, Inc. $CRBG

Jefferies Financial Group Inc. acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 235,574 shares of the company’s stock, valued at approximately $6,744,000. Jefferies Financial Group Inc. owned 0.05% of Corebridge Financial as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. State of Michigan Retirement System bought a new position in shares of Corebridge Financial during the fourth quarter valued at about $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in shares of Corebridge Financial in the 4th quarter valued at about $5,358,000. Vanguard Group Inc. boosted its holdings in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after acquiring an additional 311,133 shares during the period. New York State Teachers Retirement System purchased a new stake in Corebridge Financial during the 4th quarter valued at about $2,072,000. Finally, State of Wyoming bought a new position in Corebridge Financial during the 2nd quarter worth approximately $899,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Down 0.1%

CRBG opened at $32.60 on Friday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.01. 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 $31.43 and a two-hundred day simple moving average of $28.32. The firm has a market capitalization of $14.53 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 0.42 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company earned $1.36 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.57 EPS for the current 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 issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.1%. Corebridge Financial’s payout ratio is 58.48%.

Insider Buying and Selling at Corebridge Financial

In other news, 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 value of $422,076.00. Following the completion of the sale, the insider directly owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 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 completion of the sale, the executive vice president directly owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This 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 quarter, insiders sold 24,409 shares of company stock worth $805,626. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on CRBG. Mizuho lifted their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Barclays raised their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Finally, UBS Group increased their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.42.

Corebridge Financial Profile

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.