Entropy Technologies LP Sells 74,404 Shares of Corebridge Financial, Inc. $CRBG

Entropy Technologies LP cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 46.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,055 shares of the company’s stock after selling 74,404 shares during the period. Entropy Technologies LP’s holdings in Corebridge Financial were worth $2,077,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Bank of Nova Scotia grew its holdings in shares of Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares during the period. Integrated Wealth Concepts LLC lifted its stake in shares of Corebridge Financial by 2.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after purchasing an additional 383 shares during the period. Van ECK Associates Corp lifted its stake in shares of Corebridge Financial by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock valued at $141,000 after purchasing an additional 435 shares during the period. Empowered Funds LLC boosted its position in shares of Corebridge Financial by 7.1% during the fourth quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock valued at $212,000 after purchasing an additional 465 shares in the last quarter. Finally, Assetmark Inc. boosted its position in shares of Corebridge Financial by 35.0% during the fourth quarter. Assetmark Inc. now owns 1,877 shares of the company’s stock valued at $57,000 after purchasing an additional 487 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CRBG shares. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Bank of America dropped their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. UBS Group increased their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and six have issued 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 target price of $36.75.

Corebridge Financial Stock Down 0.0%

CRBG stock opened at $31.28 on Monday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a market cap of $13.95 billion, a PE ratio of 56.88, a price-to-earnings-growth ratio of 0.39 and a beta of 1.10. The business has a 50 day moving average of $28.90 and a 200 day moving average of $27.92.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data 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). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.55 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of Corebridge Financial 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 completion of the transaction, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. The trade was a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by corporate insiders.

About Corebridge Financial

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.