QRG Capital Management Inc. Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

QRG Capital Management Inc. raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 25.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 260,426 shares of the company’s stock after purchasing an additional 53,329 shares during the period. QRG Capital Management Inc.’s holdings in Corebridge Financial were worth $7,594,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. ORG Wealth Partners LLC purchased a new position in shares of Corebridge Financial in the 3rd quarter worth $29,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial in the 3rd quarter worth $29,000. LRI Investments LLC purchased a new position in shares of Corebridge Financial in the 2nd quarter worth $30,000. ORG Partners LLC bought a new position in Corebridge Financial in the 2nd quarter worth $32,000. Finally, Fifth Third Bancorp bought a new position in Corebridge Financial in the 2nd quarter worth $54,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 5.0 %

CRBG opened at $29.99 on Wednesday. The firm has a market cap of $17.75 billion, a P/E ratio of 9.34, a P/E/G ratio of 0.43 and a beta of 0.90. Corebridge Financial, Inc. has a 12 month low of $18.83 and a 12 month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a 50-day moving average of $29.46 and a 200 day moving average of $29.07.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, research analysts forecast that Corebridge Financial, Inc. will post 4.65 EPS for the current year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares of the company’s stock, 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 legal filing with the SEC, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CRBG shares. Barclays raised their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday. Bank of America decreased their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Piper Sandler decreased their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

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.