T. Rowe Price Associates, Inc. has recently announced that it has increased stake in Corebridge Financial Inc. (NYSE:CRBG) by 5.51%. After grabbing 29.29 million shares, the institutional investor is now in possession of 1.53 million shares of the Financial Company. The new investment brought the stake of investor firm to 4.64% having worth around $615.99 million. Moreover, Capital Research & Management Co increased its share by 5887.0 to have a control over 28.92 million shares. And The Vanguard Group, Inc. raised its holdings to 1.56 million shares by acquiring 16.95 million shares or 2.69% of the stake.
Corebridge Financial Inc. (CRBG) concluded trading on 01/04/24 at a closing price of $22.56, with 3.28 million shares of worth about $73.96 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 35.01% during that period and on Thursday the price saw a gain of about 2.50%. Currently the company’s common shares owned by public are about 645.00M shares, out of which, 249.28M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 52 times over the past 12 months. They bought 503,650 shares in 19 of the transactions. In 33 selling transactions, insiders dumped 136,067,561 shares.
American Funds Growth Fund of Ame, Vanguard Total Stock Market ETF, and Government Pension Fund – Global are the top 3 mutual funds which are holding stakes in Corebridge Financial Inc. American Funds Growth Fund of Ame is currently holding 26.77 million shares of worth totaling $563.03 million. The company recently came buying 0.21 million shares which brought its stake up to 4.24% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 0.91 million shares, after which its hold over company’s outstanding shares expand to 0.95%, leaving 5.98 million shares with the mutual fund that have a worth of about $125.77 million. Government Pension Fund – Global, after buying 5.75 million shares, have now control over 0.91% of the stake in the company. It holds 5.75 million shares of worth $120.99 million.
Corebridge Financial Inc. (NYSE: CRBG) started trading at $22.14, above $0.13 from concluding price of the previous day. However, the stock later moved at a day high price of 22.71, or with a gain of 2.50%. Stock saw a price change of 3.87% in past 5 days and over the past one month there was a price change of 9.73%. Year-to-date (YTD), CRBG shares are showing a performance of 4.16% which increased to 23.41% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $12.72 but also hit the highest price of $22.26 during that period. The average intraday trading volume for Corebridge Financial Inc. shares is 3.97 million. The stock is currently trading 5.66% above its 20-day simple moving average (SMA20), while that difference is up 10.63% for SMA50 and it goes to 28.94% higher than SMA200.
T. Rowe Price Associates, Inc. acquired 29.29 million shares of Corebridge Financial Inc. having value of about $615.99 million. Data submitted at the U.S SEC by T. Rowe Price Associates, Inc. revealed that the firm now holds 1.53 million shares in the company valued at close to $34490495.04, or have control over 5.51% stake in the company. Corebridge Financial Inc. (NYSE: CRBG) currently have 645.00M outstanding shares and institutions hold larger chunk of about 25.43% of that. Holding of mutual funds in the company is about 51.71% while other institutional holders and individual stake holders have control over 9.31% and 16.85% of the stake respectively.
The stock has a current market capitalization of $14.62B and its 3Y-monthly beta is at 0.87. PE ratio of stock for trailing 12 months is 7.83, while it has posted earnings per share of $2.88 in the same period. Its PEG reads 0.47 while making debt-to-equity ratio of 1.43. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CRBG, volatility over the week remained 1.90% while standing at 2.10% over the month.
Analysts are in expectations that Corebridge Financial Inc. (CRBG) stock would likely to be making an EPS of $1.03 in the current quarter, while forecast for next quarter EPS is $1.14 and it is $4.93 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.97 which is $1.09 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.88 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 43.09% while it is estimated to increase by 20.35% in next year.
Analysts at 14 brokerage firms have issued recommendations for the Corebridge Financial Inc. (CRBG)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.57. Out of those 14 Wall Street analysts, 10 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Citigroup on July 11, 2023 offering a Neutral rating for the stock and assigned a target price range of between $18 and $19 to it.
