Massachusetts Financial Services Co. MA Acquires 284,781 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Massachusetts Financial Services Co. MA lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 2.8% during the third quarter, HoldingsChannel reports. The firm owned 10,483,856 shares of the company’s stock after purchasing an additional 284,781 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Corebridge Financial were worth $305,709,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in Corebridge Financial during the 3rd quarter worth $28,000. ORG Wealth Partners LLC purchased a new position in shares of Corebridge Financial during the third quarter valued at $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial in the third quarter valued at about $29,000. LRI Investments LLC purchased a new stake in Corebridge Financial in the second quarter worth about $30,000. Finally, Covestor Ltd grew its holdings in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRBG shares. TD Cowen initiated coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Barclays lifted their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler decreased their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.85.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Up 0.9 %

NYSE:CRBG opened at $31.75 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a twelve month low of $20.07 and a twelve month high of $34.66. The company has a market cap of $18.06 billion, a PE ratio of -15.19, a P/E/G ratio of 0.39 and a beta of 0.90. The company’s 50 day moving average is $30.27 and its two-hundred day moving average is $29.39.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. Analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

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.