American International Group Inc. Reduces Stake in Corebridge Financial, Inc. (NYSE:CRBG)

American International Group Inc. decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 5.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 279,238,898 shares of the company’s stock after selling 14,964,738 shares during the quarter. Corebridge Financial accounts for about 95.7% of American International Group Inc.’s holdings, making the stock its biggest holding. American International Group Inc. owned approximately 0.49% of Corebridge Financial worth $8,142,606,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado purchased a new stake in shares of Corebridge Financial during the first quarter valued at about $751,000. California State Teachers Retirement System lifted its position in Corebridge Financial by 772.7% during the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock valued at $9,523,000 after acquiring an additional 293,487 shares during the last quarter. Tidal Investments LLC boosted its stake in Corebridge Financial by 154.6% in the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock valued at $737,000 after acquiring an additional 15,574 shares in the last quarter. Plato Investment Management Ltd purchased a new position in Corebridge Financial in the first quarter worth $100,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Corebridge Financial by 134.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after purchasing an additional 11,786 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.1 %

CRBG stock opened at $32.42 on Thursday. The firm has a market cap of $18.44 billion, a PE ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a one year low of $20.07 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm’s 50 day moving average price is $30.57 and its 200-day moving average price is $29.42.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Analyst Ratings Changes

Several brokerages recently weighed in on CRBG. Morgan Stanley boosted their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler lowered their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Barclays upped their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.