Charles Schwab Investment Management Inc. Has $61.65 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Charles Schwab Investment Management Inc. raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 1.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,952,708 shares of the company’s stock after acquiring an additional 21,100 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Corebridge Financial were worth $61,647,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CRBG. Envestnet Asset Management Inc. increased its holdings in Corebridge Financial by 29.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 445,258 shares of the company’s stock worth $13,327,000 after buying an additional 101,506 shares during the last quarter. Cerity Partners LLC increased its holdings in Corebridge Financial by 4.6% during the fourth quarter. Cerity Partners LLC now owns 22,596 shares of the company’s stock worth $675,000 after buying an additional 1,001 shares during the last quarter. Invesco Ltd. increased its holdings in Corebridge Financial by 4.4% during the fourth quarter. Invesco Ltd. now owns 719,352 shares of the company’s stock worth $21,530,000 after buying an additional 30,135 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Corebridge Financial during the fourth quarter worth $31,844,000. Finally, Barclays PLC increased its holdings in Corebridge Financial by 135.3% during the fourth quarter. Barclays PLC now owns 842,550 shares of the company’s stock worth $25,217,000 after buying an additional 484,515 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider owned 83,896,013 shares of the company’s stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Trading Up 0.3%

CRBG stock opened at $34.23 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company’s 50-day simple moving average is $34.27 and its 200 day simple moving average is $32.39. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a market capitalization of $18.43 billion, a PE ratio of -56.11, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the company posted $1.13 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.8%. Corebridge Financial’s dividend payout ratio is currently -157.38%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Morgan Stanley boosted their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. Piper Sandler upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, July 3rd. UBS Group upgraded shares of Corebridge Financial from a “sell” rating to a “neutral” rating and upped their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.70.

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.