Schroder Investment Management Group Sells 353,923 Shares of Corebridge Financial, Inc. $CRBG

Schroder Investment Management Group trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG) by 64.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 195,081 shares of the company’s stock after selling 353,923 shares during the quarter. Schroder Investment Management Group’s holdings in Corebridge Financial were worth $6,925,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc boosted its holdings in shares of 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. Allworth Financial LP bought a new stake in shares of Corebridge Financial during the 2nd quarter worth $26,000. Assetmark Inc. lifted its position in shares of Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after buying an additional 356 shares during the last quarter. Brooklyn Investment Group boosted its stake in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after buying an additional 581 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Corebridge Financial by 86.1% in the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after acquiring an additional 603 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Up 2.1%

CRBG opened at $30.19 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The company’s 50 day moving average price is $30.81 and its two-hundred day moving average price is $32.77. The firm has a market capitalization of $15.71 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 0.41 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business posted $1.23 EPS. Corebridge Financial’s revenue was up 34.2% on a year-over-year basis. As a group, 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 declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s payout ratio is 57.14%.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research reports. Evercore ISI dropped their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. Keefe, Bruyette & Woods dropped their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday. Barclays decreased their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 8th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $39.40.

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.