Toronto Dominion Bank Buys 10,629 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Toronto Dominion Bank lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 38.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,033 shares of the company’s stock after acquiring an additional 10,629 shares during the period. Toronto Dominion Bank’s holdings in Corebridge Financial were worth $1,109,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial during the 3rd quarter worth about $27,000. Capital Performance Advisors LLP bought a new position in shares of Corebridge Financial during the third quarter worth about $28,000. HM Payson & Co. acquired a new stake in Corebridge Financial in the 3rd quarter valued at approximately $29,000. ORG Wealth Partners LLC bought a new stake in Corebridge Financial in the 3rd quarter valued at approximately $29,000. Finally, LRI Investments LLC acquired a new position in Corebridge Financial during the 2nd quarter worth approximately $30,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRBG. 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 cut their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Barclays raised their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Corebridge Financial Stock Down 0.1 %

Shares of CRBG opened at $30.66 on Tuesday. The firm has a market cap of $17.44 billion, a P/E ratio of -14.67, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 52 week low of $21.40 and a 52 week high of $34.66. The firm’s 50-day simple moving average is $31.28 and its 200 day simple moving average is $29.51.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations 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. On average, analysts forecast that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.00%. Corebridge Financial’s payout ratio is presently -44.02%.

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.