Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 11.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,822 shares of the company’s stock after selling 4,971 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Corebridge Financial were worth $1,103,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRBG. Capital Performance Advisors LLP acquired a new stake in Corebridge Financial during the 3rd quarter worth approximately $28,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at $29,000. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial during the 3rd quarter valued at $29,000. LRI Investments LLC purchased a new stake in Corebridge Financial during the 2nd quarter worth $30,000. Finally, Covestor Ltd increased its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays boosted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen assumed coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Finally, Piper Sandler cut their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Stock Down 0.8 %

Shares of Corebridge Financial stock opened at $30.53 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average price of $29.74 and a 200 day moving average price of $29.24. Corebridge Financial, Inc. has a fifty-two week low of $19.26 and a fifty-two week high of $34.66. The firm has a market cap of $17.36 billion, a P/E ratio of -14.72, a P/E/G ratio of 0.40 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 EPS. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.76 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is owned by company insiders.

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.