Corebridge Financial, Inc. $CRBG Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its position in Corebridge Financial, Inc. (NYSE:CRBG) by 10.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,160,918 shares of the company’s stock after selling 974,031 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.52% of Corebridge Financial worth $261,557,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc lifted its stake in Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after acquiring an additional 673 shares during the period. Allworth Financial LP purchased a new position in shares of Corebridge Financial during the second quarter worth $26,000. Assetmark Inc. lifted its position in Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Corebridge Financial by 86.1% in the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after purchasing an additional 603 shares during the last quarter. Finally, Employees Retirement System of Texas acquired a new stake in Corebridge Financial during the 2nd quarter worth about $74,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group decreased their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Keefe, Bruyette & Woods reduced their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. Evercore ISI lowered their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Morgan Stanley reaffirmed an “equal weight” rating and set a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Finally, Wells Fargo & Company lowered their price target on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.70.

Corebridge Financial Trading Up 0.3%

Shares of Corebridge Financial stock opened at $30.55 on Tuesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $30.14 and its 200 day moving average price is $32.22. The firm has a market capitalization of $15.90 billion, a PE ratio of 18.18, a P/E/G ratio of 0.44 and a beta of 1.04. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the company posted $1.23 earnings per share. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is currently 57.14%.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.