Corebridge Financial, Inc. $CRBG Shares Sold by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 29.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,795,105 shares of the company’s stock after selling 757,334 shares during the quarter. AustralianSuper Pty Ltd owned about 0.34% of Corebridge Financial worth $57,533,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Pzena Investment Management LLC increased its stake in shares of Corebridge Financial by 132.6% during the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after acquiring an additional 10,673,099 shares during the period. LSV Asset Management boosted its holdings in Corebridge Financial by 5.8% in the 2nd quarter. LSV Asset Management now owns 4,587,100 shares of the company’s stock valued at $162,842,000 after purchasing an additional 250,066 shares in the last quarter. Norges Bank purchased a new stake in Corebridge Financial in the 2nd quarter valued at approximately $145,632,000. Donald Smith & CO. Inc. increased its position in Corebridge Financial by 1.8% during the 2nd quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company’s stock worth $144,959,000 after purchasing an additional 72,664 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Corebridge Financial by 42.8% during the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after buying an additional 864,946 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CRBG shares. Evercore ISI decreased their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Wells Fargo & Company cut their price target on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Keefe, Bruyette & Woods reduced their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Finally, Barclays decreased their price objective on shares of Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 8th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.70.

Corebridge Financial Stock Up 0.6%

CRBG stock opened at $30.40 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The company’s 50 day simple moving average is $30.32 and its 200-day simple moving average is $32.01. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market capitalization of $15.82 billion, a PE ratio of 18.10, a P/E/G ratio of 0.42 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last posted its 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%. Corebridge Financial’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors 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 yield of 3.2%. The ex-dividend date was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

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.