AustralianSuper Pty Ltd Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

AustralianSuper Pty Ltd increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 48.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 934,989 shares of the company’s stock after purchasing an additional 305,603 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Corebridge Financial were worth $27,264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CRBG. The Manufacturers Life Insurance Company grew its position in Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares during the last quarter. Xponance Inc. increased its position in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after purchasing an additional 612 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares during the period. Finally, Deseret Mutual Benefit Administrators lifted its stake in shares of Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.35 on Thursday, reaching $31.73. The company’s stock had a trading volume of 724,704 shares, compared to its average volume of 3,861,641. The stock’s fifty day simple moving average is $29.25 and its 200-day simple moving average is $28.93. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The company has a market capitalization of $18.78 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97. 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 (NYSE:CRBG) last posted its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm posted $1.04 EPS. Analysts forecast that Corebridge Financial, Inc. will post 4.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CRBG shares. Barclays boosted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Morgan Stanley lowered their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. 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. Bank of America lowered their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, TD Cowen initiated coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.46.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction on Monday, September 16th. The stock was 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.08% of the stock is currently 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.