Mediolanum International Funds Ltd Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Mediolanum International Funds Ltd boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,681 shares of the company’s stock after buying an additional 9,194 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Corebridge Financial were worth $6,598,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. ORG Wealth Partners LLC purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at $29,000. LRI Investments LLC purchased a new position in Corebridge Financial in the second quarter valued at about $30,000. ORG Partners LLC bought a new position in Corebridge Financial in the second quarter worth about $32,000. Fifth Third Bancorp purchased a new stake in shares of Corebridge Financial during the second quarter valued at about $54,000. Finally, Deseret Mutual Benefit Administrators lifted its position in shares of Corebridge Financial by 73.2% during the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after buying an additional 877 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 1.0 %

Shares of Corebridge Financial stock opened at $31.55 on Friday. The stock has a market cap of $19.20 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97. The firm has a fifty day moving average price of $29.01 and a 200 day moving average price of $28.82. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter in the previous year, the firm posted $1.04 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 4.66 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.23 per share. The ex-dividend date was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.92%. Corebridge Financial’s payout ratio is 24.21%.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Finally, Barclays raised their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $34.46.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.