By otakuyassine3@gmail.com 
Sumitomo Mitsui Trust Group Inc. raised its position in Corebridge Financial, Inc. (NYSE:CRBG – Free Report) by 4.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 504,261 shares of the company’s stock after acquiring an additional 20,783 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Corebridge Financial were worth $15,093,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in the stock. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial during the 4th quarter worth $3,650,151,000. Massachusetts Financial Services Co. MA boosted its position in shares of Corebridge Financial by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after purchasing an additional 284,781 shares in the last quarter. State Street Corp boosted its position in shares of Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares in the last quarter. FMR LLC boosted its position in shares of Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after purchasing an additional 598,373 shares in the last quarter. Finally, Donald Smith & CO. Inc. boosted its position in shares of Corebridge Financial by 12.7% during the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after purchasing an additional 489,545 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CRBG has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.43.
Get Our Latest Stock Report on Corebridge Financial
Insider Transactions at Corebridge Financial
In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.08% of the company’s stock.
Corebridge Financial Trading Down 1.1 %
Shares of CRBG stock opened at $32.77 on Thursday. The firm has a 50-day moving average price of $31.40 and a 200 day moving average price of $30.13. Corebridge Financial, Inc. has a twelve month low of $23.34 and a twelve month high of $34.66. The company has a market capitalization of $18.64 billion, a price-to-earnings ratio of -15.68, a PEG ratio of 0.37 and a beta of 0.94. 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 (NYSE:CRBG – Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Research analysts forecast that Corebridge Financial, Inc. will post 4.8 earnings per share for the current fiscal year.
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.
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