Covestor Ltd Decreases Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Covestor Ltd cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 19.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,137 shares of the company’s stock after selling 968 shares during the period. Covestor Ltd’s holdings in Corebridge Financial were worth $119,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CRBG. American International Group Inc. grew its stake in Corebridge Financial by 25,998,738.6% in the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after purchasing an additional 324,204,270 shares during the period. Capital Research Global Investors lifted its position in Corebridge Financial by 6.5% during the 4th quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock valued at $666,734,000 after acquiring an additional 1,865,841 shares during the period. Vanguard Group Inc. grew its holdings in Corebridge Financial by 6.0% in the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after purchasing an additional 1,415,265 shares during the period. Norges Bank purchased a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of Corebridge Financial by 106.3% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after purchasing an additional 5,157,570 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $0.13 during mid-day trading on Tuesday, reaching $29.80. 760,612 shares of the company’s stock traded hands, compared to its average volume of 4,282,631. Corebridge Financial, Inc. has a 12 month low of $17.40 and a 12 month high of $34.66. The firm has a 50 day moving average price of $29.63 and a two-hundred day moving average price of $27.21. The firm has a market capitalization of $18.13 billion, a PE ratio of 7.81, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The business had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.73 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.09%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Evercore ISI boosted their target price on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. UBS Group increased their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Bank of America decreased their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $32.46.

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.