Renaissance Technologies LLC Lowers Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Renaissance Technologies LLC lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 89.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,200 shares of the company’s stock after selling 646,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Corebridge Financial were worth $2,190,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CRBG. Riverview Trust Co purchased a new stake in Corebridge Financial in the 1st quarter valued at approximately $25,000. LRI Investments LLC purchased a new stake in Corebridge Financial in the 2nd quarter valued at approximately $30,000. ORG Partners LLC acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at approximately $32,000. Fifth Third Bancorp acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at approximately $54,000. Finally, Deseret Mutual Benefit Administrators lifted its position in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after acquiring an additional 877 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.09% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CRBG shares. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Bank of America reduced their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Barclays started coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price target for the company. Morgan Stanley reduced their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.54.

Corebridge Financial Trading Down 1.1 %

Shares of CRBG opened at $28.28 on Thursday. The stock has a fifty day moving average of $27.90 and a two-hundred day moving average of $28.50. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market capitalization of $17.21 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the previous year, the firm posted $1.04 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.73 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.23 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.25%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

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.