Hsbc Holdings PLC Acquires New Stake in Corebridge Financial, Inc. $CRBG

Hsbc Holdings PLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 114,325 shares of the company’s stock, valued at approximately $3,270,000.

Other institutional investors have also recently made changes to their positions in the company. Rothschild Investment LLC raised its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new stake in Corebridge Financial in the second quarter valued at approximately $27,000. Sonoma Allocations LLC bought a new stake in Corebridge Financial in the first quarter valued at approximately $30,000. Allworth Financial LP acquired a new stake in Corebridge Financial during the 2nd quarter valued at approximately $41,000. Finally, Versant Capital Management Inc increased its position in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after purchasing an additional 1,484 shares during the period. Institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CRBG shares. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, Piper Sandler lifted their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.42.

Insider Activity at Corebridge Financial

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 of the company’s stock, valued at $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David Ditillo sold 12,414 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 24,409 shares of company stock valued at $805,626. Corporate insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.60 on Friday. The firm has a 50 day moving average of $31.43 and a 200-day moving average of $28.32. The company has a market cap of $14.53 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.01.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (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 company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company earned $1.36 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

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.