Massachusetts Financial Services Co. MA Raises Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Massachusetts Financial Services Co. MA grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,199,075 shares of the company’s stock after purchasing an additional 227,973 shares during the period. Massachusetts Financial Services Co. MA owned about 1.68% of Corebridge Financial worth $296,997,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Junto Capital Management LP purchased a new stake in Corebridge Financial during the fourth quarter worth about $26,232,000. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 793.0% during the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock worth $34,442,000 after buying an additional 1,412,040 shares in the last quarter. Swedbank AB acquired a new position in shares of Corebridge Financial during the second quarter worth about $5,639,000. Williamson Legacy Group LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth about $716,000. Finally, Wellington Management Group LLP grew its position in shares of Corebridge Financial by 14,292.5% during the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after buying an additional 2,442,729 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by company insiders.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $27.18 on Tuesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.44 and a twelve month high of $34.66. The stock has a 50 day moving average of $28.22 and a two-hundred day moving average of $28.22. The stock has a market cap of $16.54 billion, a P/E ratio of 7.15, a P/E/G ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Bank of America lowered their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Barclays assumed coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective for the company. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Royal Bank of Canada lowered their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley lowered their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $33.62.

About Corebridge Financial

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.