Natixis Advisors LLC Lowers Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Natixis Advisors LLC cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 4.0% in the third quarter, Holdings Channel reports. The institutional investor owned 50,849 shares of the company’s stock after selling 2,137 shares during the quarter. Natixis Advisors LLC’s holdings in Corebridge Financial were worth $1,483,000 at the end of the most recent reporting period.

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

Corebridge Financial Trading Up 0.3 %

Shares of CRBG opened at $31.86 on Tuesday. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66. The firm has a market capitalization of $18.12 billion, a P/E ratio of -15.24, a P/E/G ratio of 0.41 and a beta of 0.90. The firm has a 50-day moving average price of $30.36 and a 200 day moving average price of $29.38. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.89%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company’s stock.

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.