Andra AP fonden Sells 124,300 Shares of Corebridge Financial, Inc. $CRBG

Andra AP fonden decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 55.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 100,900 shares of the company’s stock after selling 124,300 shares during the period. Andra AP fonden’s holdings in Corebridge Financial were worth $3,582,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Huntington National Bank lifted its position in shares of Corebridge Financial by 34.7% during the 2nd quarter. Huntington National Bank now owns 10,379 shares of the company’s stock valued at $368,000 after acquiring an additional 2,674 shares during the period. State of Michigan Retirement System bought a new position in shares of Corebridge Financial during the second quarter valued at $206,000. Strs Ohio lifted its stake in shares of Corebridge Financial by 5.6% in the second quarter. Strs Ohio now owns 61,002 shares of the company’s stock worth $2,166,000 after acquiring an additional 3,243 shares during the period. Assetmark Inc. increased its position in shares of Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after buying an additional 356 shares during the period. Finally, New York Life Investment Management LLC lifted its stake in shares of Corebridge Financial by 38.7% in the 2nd quarter. New York Life Investment Management LLC now owns 39,303 shares of the company’s stock valued at $1,395,000 after purchasing an additional 10,975 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $29.90 on Friday. The stock has a market cap of $15.56 billion, a PE ratio of 17.80, a PEG ratio of 0.43 and a beta of 1.02. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company’s fifty day moving average is $32.34 and its 200 day moving average is $32.98. The company has a quick ratio of 0.12, a current ratio of 0.13 and a debt-to-equity ratio of 0.77.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the firm earned $1.23 earnings per share. Corebridge Financial’s revenue for the quarter was up 34.2% on a year-over-year basis. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is currently 57.14%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CRBG shares. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Morgan Stanley reduced their price objective on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Barclays reduced their price objective on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Keefe, Bruyette & Woods dropped 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 note on Thursday, October 9th. Finally, Wolfe Research started coverage on Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating for the company. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $39.73.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is 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.