Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,661 shares of the company’s stock after selling 1,047 shares during the quarter. Public Sector Pension Investment Board’s holdings in Corebridge Financial were worth $951,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co acquired a new position in shares of Corebridge Financial during the first quarter worth about $25,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $30,000. ORG Partners LLC acquired a new position in Corebridge Financial during the 2nd quarter worth approximately $32,000. Fifth Third Bancorp purchased a new position in Corebridge Financial in the 2nd quarter worth approximately $54,000. Finally, Deseret Mutual Benefit Administrators grew its position in Corebridge Financial by 73.2% in the second 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 in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRBG shares. Barclays initiated coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 target price on the stock. JPMorgan Chase & Co. upped their price objective 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 dropped their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Jefferies Financial Group upped their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $33.54.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $28.28 on Thursday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $17.21 billion, a price-to-earnings ratio of 7.44, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The business has a 50 day simple moving average of $27.90 and a 200-day simple moving average of $28.50.

Corebridge Financial (NYSE:CRBG) last released its 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. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm earned $1.04 earnings per share. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.23 per share. 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 24.21%.

Insiders Place Their Bets

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

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.