Assenagon Asset Management S.A. Sells 67,118 Shares of Corebridge Financial, Inc. $CRBG

Assenagon Asset Management S.A. lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 91.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,631 shares of the company’s stock after selling 67,118 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Corebridge Financial were worth $235,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Corebridge Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock valued at $765,571,000 after buying an additional 324,692 shares during the period. AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 50.0% in the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock worth $258,880,000 after purchasing an additional 2,780,764 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company’s stock worth $254,158,000 after purchasing an additional 3,412,147 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company’s stock worth $184,034,000 after purchasing an additional 372,270 shares during the last quarter. Finally, LSV Asset Management grew its holdings in shares of Corebridge Financial by 51.3% in the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock worth $136,920,000 after purchasing an additional 1,470,812 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.6%

Shares of NYSE:CRBG opened at $33.13 on Monday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market cap of $17.84 billion, a P/E ratio of -54.31, a P/E/G ratio of 0.57 and a beta of 1.06. The company’s 50-day moving average price is $34.04 and its two-hundred day moving average price is $32.55.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the company posted $1.13 EPS. As a group, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s dividend payout ratio is presently -157.38%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRBG. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Morgan Stanley upped their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, July 2nd. Piper Sandler upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.80.

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.