Nomura Asset Management Co. Ltd. Increases Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Nomura Asset Management Co. Ltd. lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 14.6% during the third quarter, HoldingsChannel.com reports. The firm owned 86,480 shares of the company’s stock after purchasing an additional 11,000 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Corebridge Financial were worth $2,522,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. ORG Partners LLC purchased a new stake in Corebridge Financial in the 2nd quarter worth approximately $32,000. Envestnet Portfolio Solutions Inc. raised its position in shares of Corebridge Financial by 15.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,087 shares of the company’s stock worth $294,000 after buying an additional 1,364 shares in the last quarter. Swedbank AB bought a new stake in Corebridge Financial during the second quarter valued at $5,639,000. Assenagon Asset Management S.A. purchased a new position in Corebridge Financial during the second quarter worth about $1,348,000. Finally, Raymond James & Associates increased its stake in Corebridge Financial by 145.1% in the 2nd quarter. Raymond James & Associates now owns 150,959 shares of the company’s stock worth $4,396,000 after acquiring an additional 89,380 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.1 %

NYSE CRBG opened at $30.69 on Friday. The firm has a market cap of $17.46 billion, a PE ratio of -14.68, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. Corebridge Financial, Inc. has a 1-year low of $21.40 and a 1-year high of $34.66. The stock has a 50-day moving average of $31.27 and a 200-day moving average of $29.50. 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) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.05 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.00%. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 156,956,256 shares of company stock valued at $4,918,263,376 in the last quarter. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of several recent analyst reports. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. TD Cowen upped their target price 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. Finally, Barclays raised their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

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.