Belfer Management LLC Cuts Holdings in Corebridge Financial, Inc. $CRBG

Belfer Management LLC lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 18.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 7,205 shares of the company’s stock after selling 1,607 shares during the quarter. Corebridge Financial makes up approximately 3.9% of Belfer Management LLC’s portfolio, making the stock its 12th biggest position. Belfer Management LLC’s holdings in Corebridge Financial were worth $256,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Corebridge Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock worth $765,571,000 after buying an additional 324,692 shares in the last quarter. AQR Capital Management LLC lifted its holdings 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 worth $258,880,000 after acquiring an additional 2,780,764 shares during the last quarter. Pzena Investment Management LLC lifted its holdings 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 worth $254,158,000 after acquiring an additional 3,412,147 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company’s stock worth $184,034,000 after acquiring an additional 372,270 shares during the last quarter. Finally, LSV Asset Management lifted its holdings 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 worth $136,920,000 after acquiring an additional 1,470,812 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 2.8%

NYSE:CRBG opened at $31.29 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The company has a fifty day moving average of $33.44 and a 200 day moving average of $32.53. The firm has a market capitalization of $16.85 billion, a P/E ratio of -51.29, a P/E/G ratio of 0.56 and a beta of 1.02. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57.

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

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial’s payout ratio is presently -157.38%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRBG shares. Weiss Ratings restated a “hold (c-)” rating on shares of Corebridge Financial in a report on Wednesday. UBS Group upgraded shares of Corebridge Financial from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares of the company’s stock, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

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.