KBC Group NV Grows Stock Position in Corebridge Financial, Inc. $CRBG

KBC Group NV grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 54.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 558,759 shares of the company’s stock after acquiring an additional 196,950 shares during the quarter. KBC Group NV owned 0.12% of Corebridge Financial worth $13,332,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. SEB Asset Management AB purchased a new position in shares of Corebridge Financial in the 1st quarter valued at approximately $1,388,000. Swiss National Bank grew its position in Corebridge Financial by 4.3% during the 1st quarter. Swiss National Bank now owns 814,165 shares of the company’s stock worth $19,426,000 after purchasing an additional 33,700 shares during the last quarter. California Public Employees Retirement System increased its stake in Corebridge Financial by 11.0% during the 1st quarter. California Public Employees Retirement System now owns 555,559 shares of the company’s stock valued at $13,256,000 after purchasing an additional 55,130 shares in the last quarter. Bessemer Group Inc. increased its stake in Corebridge Financial by 1.4% during the 1st quarter. Bessemer Group Inc. now owns 129,282 shares of the company’s stock valued at $3,086,000 after purchasing an additional 1,797 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Corebridge Financial by 28,151.1% in the first quarter. Fifth Third Bancorp now owns 176,852 shares of the company’s stock worth $4,220,000 after buying an additional 176,226 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

NYSE:CRBG opened at $31.47 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The company has a 50 day moving average price of $28.66 and a 200-day moving average price of $27.90. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The firm has a market cap of $14.03 billion, a price-to-earnings ratio of 57.21, a price-to-earnings-growth ratio of 0.38 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period last year, the company posted $1.16 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.63 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares in the company, valued at $3,844,590. The trade was a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRBG. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Jefferies Financial Group upped their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Finally, Mizuho raised their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

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.