T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Corebridge Financial Inc. (NYSE:CRBG). The institutional investor has increased its shareholding in the Financial company by 63.23% to 16.05 million shares with purchase of 6.22 million shares. This fresh investment now brings its stake to 2.49% valued currently at $324.5 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.35 million to 6.2 million shares.
With over 2.71 million Corebridge Financial Inc. (CRBG) shares trading Friday and a closing price of $17.87 on the day, the dollar volume was approximately $48.51 million. Currently, there are 645.00M common shares owned by the public and among those 141.83M shares have been available to trade.
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Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 35 of these insider trades were purchases, accounting for 2,454,489 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 80,242,331 shares.
The top 3 mutual fund holders in Corebridge Financial Inc. are Government Pension Fund – Global, Capital Income Builder, and T Rowe Price Value Fund. Government Pension Fund – Global owns 5.75 million shares of the company’s stock, all valued at over $116.33 million. The company bought an additional 5.75 million shares recently to bring their total holdings to about 0.89% of the shares outstanding. T Rowe Price Value Fund bought 2.35 million shares to bring its total holdings to over 3.77 million shares at a value of $76.29 million. T Rowe Price Value Fund now owns shares totaling to 0.59% of the shares outstanding.
Shares of Corebridge Financial Inc. (NYSE: CRBG) opened at $18.37, down -$0.23 from a prior closing price of $18.60. However, the script later moved the day high at 18.58, down -3.92%. The company’s stock has a 5-day price change of -13.80% and -11.09% over the past three months. It has a 12-month low price of $18.53 and touched a high of $23.50 over the same period. CRBG has an average intraday trading volume of 1.64 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -13.08%, -13.99%, and -14.75% respectively.
Institutional ownership of Corebridge Financial Inc. (NYSE: CRBG) shares accounts for 22.70% of the company’s 645.00M shares outstanding. Mutual fund holders own 8.05%, while other institutional holders and individual stakeholders account for 90.38% and 5.66% respectively.
It has a market capitalization of $12.04B. The stock’s trailing 12-month PE ratio is 0.97, while the earnings-per-share (ttm) stands at $18.35. The company has a debt-to-equity ratio at 2.04. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.88% over the week and 2.98% over the month.
Analysts forecast that Corebridge Financial Inc. (CRBG) will achieve an EPS of $0.7 for the current quarter, $0.85 for the next quarter and $3.71 for 2023. The lowest estimate earnings-per-share for the quarter is $0.65 while analysts give the company a high EPS estimate of $0.77. Earnings per share for the fiscal year are expected to increase by 30.00%, and 24.18% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Corebridge Financial Inc. (CRBG) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 4 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRBG, a number of firms have released research notes about the stock. Credit Suisse stated their Neutral rating for the stock in a research note on January 13, 2023, with the firm’s price target at $26-$23. Citigroup coverage for the Corebridge Financial Inc. (CRBG) stock in a research note released on October 11, 2022 offered a Neutral rating with a price target of $23. Wells Fargo was of a view on October 10, 2022 that the stock is Overweight, while RBC Capital Mkts gave the stock Outperform rating on October 10, 2022, issuing a price target of $25. Piper Sandler on their part issued Overweight rating on October 10, 2022.
