Corebridge Financial, Inc. $CRBG Shares Sold by Royal Bank of Canada

Royal Bank of Canada decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 68.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 204,441 shares of the company’s stock after selling 442,090 shares during the quarter. Royal Bank of Canada’s holdings in Corebridge Financial were worth $4,878,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State of Michigan Retirement System bought a new position in Corebridge Financial during the 4th quarter valued at $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $5,358,000. Vanguard Group Inc. lifted its position in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after acquiring an additional 311,133 shares in the last quarter. New York State Teachers Retirement System purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $2,072,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Corebridge Financial by 76.0% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 233,992 shares of the company’s stock worth $7,065,000 after purchasing an additional 101,077 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Up 1.5%

Corebridge Financial stock opened at $34.27 on Friday. The business has a 50 day moving average price of $30.50 and a two-hundred day moving average price of $28.15. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.22. The stock has a market cap of $15.28 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s payout ratio is presently 58.48%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. The trade was a 10.05% 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on CRBG shares. Jefferies Financial Group lifted their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Mizuho lifted their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Barclays boosted their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.17.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.