112,000 Shares in Corebridge Financial, Inc. (NYSE:CRBG) Purchased by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 112,000 shares of the company’s stock, valued at approximately $3,266,000. Corebridge Financial makes up 1.0% of BOCHK Asset Management Ltd’s holdings, making the stock its 27th biggest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in Corebridge Financial during the 1st quarter worth approximately $25,000. ORG Wealth Partners LLC purchased a new stake in shares of Corebridge Financial in the third quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in shares of Corebridge Financial in the 2nd quarter worth $30,000. ORG Partners LLC purchased a new position in Corebridge Financial during the second quarter worth about $32,000. Finally, Fifth Third Bancorp acquired a new position in Corebridge Financial in the second quarter valued at approximately $54,000. Institutional investors own 98.25% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CRBG shares. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Morgan Stanley cut their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. TD Cowen initiated coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Royal Bank of Canada cut their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.46.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.21 during trading on Thursday, hitting $31.66. 877,931 shares of the company traded hands, compared to its average volume of 3,900,778. The stock has a market capitalization of $19.26 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 0.42 and a beta of 0.97. Corebridge Financial, Inc. has a one year low of $18.83 and a one year high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The business’s fifty day moving average is $28.87 and its 200-day moving average is $28.77.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion for 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 last year, the business earned $1.04 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.66 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a $0.23 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 2.91%. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

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.