Bingham Private Wealth LLC Sells 1,699 Shares of Corebridge Financial, Inc. $CRBG

Bingham Private Wealth LLC lessened its position in Corebridge Financial, Inc. (NYSE:CRBG) by 11.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,763 shares of the company’s stock after selling 1,699 shares during the quarter. Bingham Private Wealth LLC’s holdings in Corebridge Financial were worth $453,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Brooklyn Investment Group increased its stake in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after buying an additional 581 shares during the period. Wedge Capital Management L L P NC grew its stake in Corebridge Financial by 1.3% in the 2nd quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company’s stock worth $2,669,000 after acquiring an additional 1,000 shares in the last quarter. Rhumbline Advisers increased its position in shares of Corebridge Financial by 0.4% during the first quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock worth $9,703,000 after acquiring an additional 1,215 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Corebridge Financial by 3.4% during the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company’s stock valued at $1,251,000 after acquiring an additional 1,287 shares in the last quarter. Finally, State of Wyoming raised its stake in shares of Corebridge Financial by 9.7% during the first quarter. State of Wyoming now owns 18,729 shares of the company’s stock valued at $591,000 after acquiring an additional 1,662 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG opened at $32.21 on Tuesday. The firm has a market capitalization of $17.34 billion, a PE ratio of -52.80, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The business’s 50-day moving average is $33.70 and its two-hundred day moving average is $32.56. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

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

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.0%. The ex-dividend date was Tuesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is -157.38%.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. upped their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Corebridge Financial in a report on Saturday, September 27th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.80.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the transaction, the insider directly owned 82,711,853 shares of the company’s stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial 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.