Cannon Global Investment Management LLC Invests $875,000 in Corebridge Financial, Inc. (NYSE:CRBG)

Cannon Global Investment Management LLC acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 30,000 shares of the company’s stock, valued at approximately $875,000. Corebridge Financial comprises about 1.4% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 17th biggest position.

A number of other institutional investors also recently bought and sold shares of CRBG. HM Payson & Co. acquired a new stake in Corebridge Financial during the 3rd quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the third quarter valued at approximately $29,000. LRI Investments LLC purchased a new stake in Corebridge Financial in the second quarter valued at approximately $30,000. ORG Partners LLC acquired a new position in Corebridge Financial in the 2nd quarter worth approximately $32,000. Finally, Fifth Third Bancorp purchased a new position in Corebridge Financial during the 2nd quarter worth approximately $54,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by insiders.

Corebridge Financial Price Performance

NYSE:CRBG traded down $0.15 during trading hours on Friday, reaching $31.62. 2,148,398 shares of the company were exchanged, compared to its average volume of 2,553,520. The stock’s 50-day moving average is $29.38 and its 200-day moving average is $29.00. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The firm has a market cap of $18.72 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 0.44 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the firm posted $1.04 EPS. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRBG. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective on the stock. Barclays increased their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Morgan Stanley dropped their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Finally, Piper Sandler decreased their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.46.

About Corebridge Financial

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.