Quest Partners LLC Sells 7,243 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Quest Partners LLC trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 51.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,863 shares of the company’s stock after selling 7,243 shares during the period. Quest Partners LLC’s holdings in Corebridge Financial were worth $200,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Swedbank AB bought a new stake in Corebridge Financial in the 2nd quarter worth about $5,639,000. Diversified Trust Co bought a new stake in shares of Corebridge Financial in the second quarter worth approximately $662,000. QRG Capital Management Inc. raised its holdings in shares of Corebridge Financial by 145.1% during the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after purchasing an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in Corebridge Financial during the second quarter valued at approximately $1,886,000. Finally, Senator Investment Group LP boosted its holdings in Corebridge Financial by 152.2% in the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after purchasing an additional 700,000 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRBG shares. Royal Bank of Canada decreased their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. 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 increased their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler dropped their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was 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 this hyperlink. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Stock Up 1.1 %

CRBG stock opened at $32.42 on Thursday. The business’s 50-day moving average price is $30.57 and its 200-day moving average price is $29.42. The stock has a market cap of $18.44 billion, a P/E ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a twelve month low of $20.07 and a twelve month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last issued 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 for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.84%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

About Corebridge Financial

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.