KBC Group NV Buys 535,323 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

KBC Group NV lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 77.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,222,448 shares of the company’s stock after purchasing an additional 535,323 shares during the quarter. KBC Group NV’s holdings in Corebridge Financial were worth $36,588,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in shares of Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after buying an additional 16,970 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $581,000. State Street Corp raised its holdings in shares of Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares in the last quarter. Qsemble Capital Management LP bought a new stake in shares of Corebridge Financial during the 3rd quarter valued at about $2,370,000. Finally, First Hawaiian Bank purchased a new position in shares of Corebridge Financial during the fourth quarter worth about $1,168,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 1.0 %

Shares of CRBG opened at $32.91 on Tuesday. The firm has a fifty day simple moving average of $31.02 and a two-hundred day simple moving average of $29.82. Corebridge Financial, Inc. has a twelve month low of $23.01 and a twelve month high of $34.66. The stock has a market capitalization of $18.72 billion, a P/E ratio of -15.75, a PEG ratio of 0.36 and a beta of 0.92. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.8 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. TD Cowen lifted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler raised their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research note on Monday, January 6th. Finally, Wells Fargo & Company reduced their price objective on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.43.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.

Corebridge Financial 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.