Rakuten Investment Management Inc. Buys New Stake in Corebridge Financial, Inc. $CRBG

by · The Cerbat Gem

Rakuten Investment Management Inc. bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG – Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 17,474 shares of the company’s stock, valued at approximately $560,000.

Other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its position in shares of Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares in the last quarter. Focus Partners Wealth acquired a new position in Corebridge Financial in the 1st quarter valued at about $384,000. Farther Finance Advisors LLC lifted its holdings in Corebridge Financial by 463.4% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock valued at $90,000 after purchasing an additional 2,076 shares in the last quarter. Sound Income Strategies LLC boosted its stake in shares of Corebridge Financial by 4.5% during the 2nd quarter. Sound Income Strategies LLC now owns 355,357 shares of the company’s stock worth $12,615,000 after purchasing an additional 15,236 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Corebridge Financial by 11.3% during the second quarter. Truist Financial Corp now owns 1,730,942 shares of the company’s stock worth $61,448,000 after buying an additional 175,378 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 1.6%

Shares of CRBG opened at $30.07 on Friday. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The firm has a market capitalization of $15.65 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock’s fifty day simple moving average is $30.17 and its 200 day simple moving average is $32.10.

Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. Corebridge Financial’s revenue was up 34.2% on a year-over-year basis. During the same period last year, the firm posted $1.23 EPS. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is 57.14%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Morgan Stanley reissued an “equal weight” rating and set a $33.00 price objective (down previously from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Evercore ISI cut their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. Wolfe Research assumed coverage on Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating on the stock. Barclays lowered their price objective on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Finally, JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.70.

Get Our Latest Analysis on CRBG

Corebridge Financial Profile

(Free Report)

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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