Acadian Asset Management LLC Has $83.61 Million Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Acadian Asset Management LLC increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 1.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,871,908 shares of the company’s stock after buying an additional 43,945 shares during the period. Acadian Asset Management LLC owned 0.47% of Corebridge Financial worth $83,613,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at $25,000. LRI Investments LLC bought a new stake in Corebridge Financial during the second quarter worth approximately $30,000. ORG Partners LLC bought a new stake in Corebridge Financial during the second quarter worth approximately $32,000. Fifth Third Bancorp acquired a new position in Corebridge Financial during the second quarter valued at approximately $54,000. Finally, Deseret Mutual Benefit Administrators raised its position in shares of Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after purchasing an additional 877 shares during the period. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 3.0 %

Shares of Corebridge Financial stock opened at $26.81 on Friday. The company’s fifty day moving average price is $28.48 and its two-hundred day moving average price is $28.10. The firm has a market capitalization of $16.31 billion, a PE ratio of 7.06, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a 52-week low of $17.80 and a 52-week 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 posted its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter in the prior year, the business posted $1.04 earnings per share. On average, analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.43%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Barclays started coverage on shares of Corebridge Financial in a research note on Wednesday. They issued an “equal weight” rating and a $33.00 target price on the stock. Bank of America lowered their price target 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. Jefferies Financial Group boosted their price objective on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Royal Bank of Canada lowered their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, 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 report on Tuesday, July 2nd. Four 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, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $33.62.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.09% of the stock is owned by insiders.

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.