Corebridge Financial, Inc. $CRBG Shares Sold by US Bancorp DE

US Bancorp DE cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,461 shares of the company’s stock after selling 615 shares during the period. US Bancorp DE’s holdings in Corebridge Financial were worth $726,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Brooklyn Investment Group grew its stake in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after acquiring an additional 581 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Corebridge Financial by 1.3% during the second quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company’s stock valued at $2,669,000 after acquiring an additional 1,000 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Corebridge Financial by 0.4% during the first quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock valued at $9,703,000 after acquiring an additional 1,215 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Corebridge Financial by 3.4% during the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company’s stock valued at $1,251,000 after acquiring an additional 1,287 shares in the last quarter. Finally, KLP Kapitalforvaltning AS grew its stake in shares of Corebridge Financial by 2.1% during the second quarter. KLP Kapitalforvaltning AS now owns 79,100 shares of the company’s stock valued at $2,808,000 after acquiring an additional 1,600 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several research analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. JPMorgan Chase & Co. increased their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Wells Fargo & Company increased their price target on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Piper Sandler increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Finally, BMO Capital Markets increased their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.91.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $30.96 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm’s 50-day moving average price is $33.20 and its two-hundred day moving average price is $32.52. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The stock has a market capitalization of $16.67 billion, a P/E ratio of -50.76, a P/E/G ratio of 0.48 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter last year, the company posted $1.13 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s dividend payout ratio (DPR) is currently -157.38%.

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.