Cwm LLC Cuts Holdings in Corebridge Financial, Inc. $CRBG

Cwm LLC reduced its position in Corebridge Financial, Inc. (NYSE:CRBG) by 30.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,097 shares of the company’s stock after selling 25,235 shares during the period. Cwm LLC’s holdings in Corebridge Financial were worth $2,027,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CRBG. IFP Advisors Inc increased its stake in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after purchasing an additional 673 shares in the last quarter. Brooklyn Investment Group grew its holdings in Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after buying an additional 581 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial during the 1st quarter valued at $75,000. SVB Wealth LLC acquired a new stake in Corebridge Financial during the 1st quarter valued at $85,000. Finally, Farther Finance Advisors LLC grew its holdings in Corebridge Financial by 463.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock valued at $90,000 after buying an additional 2,076 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of analyst reports. Morgan Stanley lowered their target price on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Piper Sandler increased their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Barclays cut their target price on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.91.

Corebridge Financial Stock Up 1.1%

Shares of NYSE CRBG opened at $30.96 on Monday. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The firm has a market cap of $16.67 billion, a price-to-earnings ratio of -50.76, a PEG ratio of 0.48 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The stock’s 50-day simple moving average is $33.20 and its 200-day simple moving average is $32.55.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the company earned $1.13 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders 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 dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial’s payout ratio is presently -157.38%.

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.