MBB Public Markets I LLC Sells 7,246 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

MBB Public Markets I LLC decreased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 25.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,581 shares of the company’s stock after selling 7,246 shares during the quarter. MBB Public Markets I LLC’s holdings in Corebridge Financial were worth $628,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its position in shares of Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares during the period. Xponance Inc. raised its holdings in shares of Corebridge Financial by 3.0% in the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after acquiring an additional 770 shares during the last quarter. Riverview Trust Co purchased a new stake in shares of Corebridge Financial during the 1st quarter valued at approximately $25,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after buying an additional 877 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

NYSE CRBG opened at $28.60 on Wednesday. Corebridge Financial, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $34.66. The company has a market cap of $17.40 billion, a P/E ratio of 7.53, a P/E/G ratio of 0.39 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The business’s 50 day moving average price is $27.91 and its 200-day moving average price is $28.50.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the company earned $1.04 EPS. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRBG. Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Barclays initiated coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 target price on the stock. UBS Group lifted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $33.62.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction 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 approximately $8,058,834,596.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is currently owned by insiders.

Corebridge Financial 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.