Renaissance Capital LLC Sells 233,250 Shares of Corebridge Financial, Inc. $CRBG

Renaissance Capital LLC lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 56.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 176,409 shares of the company’s stock after selling 233,250 shares during the period. Corebridge Financial makes up 4.4% of Renaissance Capital LLC’s investment portfolio, making the stock its 7th largest position. Renaissance Capital LLC’s holdings in Corebridge Financial were worth $6,263,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CRBG. Pzena Investment Management LLC lifted its stake in shares of Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company’s stock valued at $254,158,000 after purchasing an additional 3,412,147 shares during the last quarter. Nuveen LLC acquired a new position in shares of Corebridge Financial in the 1st quarter valued at $100,404,000. AQR Capital Management LLC lifted its stake in shares of Corebridge Financial by 50.0% in the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after purchasing an additional 2,780,764 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Corebridge Financial by 2,686.2% in the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock valued at $49,109,000 after purchasing an additional 1,499,733 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of Corebridge Financial by 51.3% in the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock valued at $136,920,000 after purchasing an additional 1,470,812 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRBG. Barclays decreased their target price on Corebridge Financial from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, September 5th. JPMorgan Chase & Co. increased their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Wells Fargo & Company increased their price target on Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Finally, BMO Capital Markets raised their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.80.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Trading Down 0.5%

Shares of CRBG stock opened at $32.98 on Tuesday. The business’s 50 day moving average is $34.00 and its two-hundred day moving average is $32.56. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a market capitalization of $17.76 billion, a P/E ratio of -54.07, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business earned $1.13 earnings per share. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial’s payout ratio is -157.38%.

About Corebridge Financial

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.