Cornercap Investment Counsel Inc. Makes New $1.22 Million Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Cornercap Investment Counsel Inc. acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 41,732 shares of the company’s stock, valued at approximately $1,215,000.

Several other hedge funds also recently modified their holdings of CRBG. Amalgamated Bank increased its stake in shares of Corebridge Financial by 60.6% in the 4th quarter. Amalgamated Bank now owns 48,050 shares of the company’s stock valued at $1,041,000 after acquiring an additional 18,137 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Corebridge Financial by 44.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,001,915 shares of the company’s stock valued at $43,361,000 after acquiring an additional 619,341 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Corebridge Financial by 3.2% in the 4th quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock valued at $2,004,000 after acquiring an additional 2,828 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Corebridge Financial by 29.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,048,383 shares of the company’s stock valued at $131,008,000 after acquiring an additional 1,371,667 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in shares of Corebridge Financial by 12.8% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,819 shares of the company’s stock valued at $538,000 after acquiring an additional 2,817 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRBG shares. Morgan Stanley reduced their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada reduced their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Barclays started coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target for the company. Finally, Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Corebridge Financial Trading Up 2.6 %

NYSE CRBG opened at $27.51 on Friday. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 7.24, a PEG ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a one year low of $18.24 and a one 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. The business’s fifty day moving average is $28.29 and its 200-day moving average is $28.13.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for 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 period in the previous year, the business posted $1.04 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

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.