Allspring Global Investments Holdings LLC Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Allspring Global Investments Holdings LLC grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 72.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 526,589 shares of the company’s stock after purchasing an additional 220,628 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Corebridge Financial worth $15,334,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CRBG. Riverview Trust Co purchased a new stake in Corebridge Financial during the first quarter worth about $25,000. LRI Investments LLC acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at approximately $30,000. ORG Partners LLC purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $32,000. Vestor Capital LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter worth approximately $43,000. Finally, Fifth Third Bancorp purchased a new position in Corebridge Financial in the 2nd quarter valued at approximately $54,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $28.90 on Friday. The stock has a fifty day moving average price of $28.59 and a 200 day moving average price of $27.91. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. Corebridge Financial, Inc. has a 52 week low of $17.65 and a 52 week high of $34.66. The firm has a market capitalization of $17.58 billion, a P/E ratio of 7.61, a PEG ratio of 0.37 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.77%. During the same period in the previous year, the firm earned $1.04 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.23 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 39,964,738 shares of company stock valued at $1,132,432,195 in the last three months. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CRBG shares. Wells Fargo & Company boosted their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Bank of America dropped their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Finally, UBS Group lifted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.67.

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.