Man Group plc Invests $1.09 Million in Corebridge Financial, Inc. $CRBG

Man Group plc purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 38,036 shares of the company’s stock, valued at approximately $1,089,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Rothschild Investment LLC raised its stake in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial in the second quarter worth $27,000. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial during the first quarter valued at $30,000. Allworth Financial LP purchased a new position in shares of Corebridge Financial in the 2nd quarter worth about $41,000. Finally, Versant Capital Management Inc raised its position in shares of Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction 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 completion of the sale, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the transaction, the executive vice president directly owned 46,473 shares in the company, valued at $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.

Corebridge Financial Price Performance

NYSE CRBG opened at $33.52 on Thursday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $34.81. The stock has a 50-day moving average of $31.68 and a 200 day moving average of $28.34. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the prior year, the business earned $1.36 EPS. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 3.0%. Corebridge Financial’s dividend payout ratio is 58.48%.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. decreased their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Corebridge Financial Company 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.