Corebridge Financial, Inc. $CRBG Shares Sold by American International Group Inc.

American International Group Inc. decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 27.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 82,711,853 shares of the company’s stock after selling 31,184,160 shares during the quarter. Corebridge Financial accounts for about 88.7% of American International Group Inc.’s holdings, making the stock its largest holding. American International Group Inc. owned 15.36% of Corebridge Financial worth $2,650,915,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Algebris UK Ltd. boosted its position in shares of Corebridge Financial by 31.4% in the 3rd quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock valued at $44,624,000 after purchasing an additional 333,245 shares during the period. Assenagon Asset Management S.A. lifted its stake in Corebridge Financial by 928.9% in the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock valued at $2,187,000 after buying an additional 61,595 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Corebridge Financial by 42.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 705,500 shares of the company’s stock valued at $22,611,000 after acquiring an additional 210,400 shares during the period. AXQ Capital LP purchased a new position in shares of Corebridge Financial during the second quarter worth approximately $682,000. Finally, Asset Management One Co. Ltd. grew its position in shares of Corebridge Financial by 43.1% during the third quarter. Asset Management One Co. Ltd. now owns 140,042 shares of the company’s stock worth $4,488,000 after acquiring an additional 42,185 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRBG. Wolfe Research started coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating for the company. UBS Group decreased their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Mizuho initiated coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target on the stock. Wells Fargo & Company decreased their price objective on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Hold” and a consensus price target of $37.70.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $31.03 on Friday. The firm has a market capitalization of $16.15 billion, a P/E ratio of 18.47, a PEG ratio of 0.42 and a beta of 1.04. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company’s fifty day moving average is $30.39 and its two-hundred day moving average is $32.01. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.23 EPS. Analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 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.