Korea Investment CORP Takes $761,000 Position in Corebridge Financial, Inc. $CRBG

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

A number of other large investors have also recently added to or reduced their stakes in CRBG. Rothschild Investment LLC raised its position in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares during the period. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial during the 2nd quarter worth $27,000. Sonoma Allocations LLC acquired a new position in Corebridge Financial in the 1st quarter valued at $30,000. Allworth Financial LP acquired a new position in Corebridge Financial in the 2nd quarter valued at $41,000. Finally, Versant Capital Management Inc raised its holdings in 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 acquiring an additional 1,484 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 business’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 value of $256,049.70. Following the sale, the executive vice president owned 46,473 shares in the company, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 24,409 shares of company stock valued at $805,626. Insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.83 on Wednesday. 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 firm has a market capitalization of $14.19 billion, a price-to-earnings ratio of 18.61, a P/E/G ratio of 0.41 and a beta of 1.08. The company’s fifty day moving average is $31.23 and its two-hundred day moving average is $28.26. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.22.

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

Corebridge Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRBG. JPMorgan Chase & Co. decreased their price target 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. Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Piper Sandler raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Nine 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 presently has an average rating of “Moderate Buy” and an average price target 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.