Bank of New York Mellon Corp Reduces Position in Corebridge Financial, Inc. $CRBG

Bank of New York Mellon Corp trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,721,217 shares of the company’s stock after selling 30,705 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.36% of Corebridge Financial worth $41,068,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CRBG. Vanguard Group Inc. increased its position in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after purchasing an additional 311,133 shares in the last quarter. Pzena Investment Management LLC raised its stake in Corebridge Financial by 14.4% in the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after purchasing an additional 3,413,384 shares during the last quarter. Norges Bank purchased a new position in Corebridge Financial in the 4th quarter valued at about $611,550,000. State Street Corp lifted its holdings in Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of recent research reports. Bank of America lowered their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Mizuho raised their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings lowered Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $36.75.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $31.28 on Friday. The business has a 50-day moving average of $28.90 and a two-hundred day moving average of $27.94. The firm has a market capitalization of $13.95 billion, a PE ratio of 56.88, a P/E/G ratio of 0.39 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the previous year, the firm posted $1.16 EPS. As a group, research analysts forecast that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is 181.82%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Corebridge Financial 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.