Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 22.0% in the second quarter, Holdings Channel.com reports. The fund owned 1,356,295 shares of the company’s stock after selling 381,514 shares during the quarter. Victory Capital Management Inc.’s holdings in Corebridge Financial were worth $39,495,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CRBG. Riverview Trust Co acquired a new position in shares of Corebridge Financial in the first quarter worth about $25,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $30,000. ORG Partners LLC acquired a new position in Corebridge Financial in the 2nd quarter worth approximately $32,000. Fifth Third Bancorp purchased a new position in Corebridge Financial during the 2nd quarter worth approximately $54,000. Finally, Deseret Mutual Benefit Administrators raised its stake in 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 purchasing an additional 877 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder International Group American sold 8,032,129 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.09% of the company’s stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $27.01 on Tuesday. Corebridge Financial, Inc. has a fifty-two week low of $18.24 and a fifty-two week high of $34.66. The stock’s 50-day moving average is $28.43 and its two-hundred day moving average is $28.13. The firm has a market cap of $15.99 billion, a P/E ratio of 7.11, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the firm posted $1.04 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Wall Street Analyst Weigh In

Several analysts have recently commented on CRBG shares. Bank of America decreased their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Barclays initiated coverage on Corebridge Financial in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 target price on the stock. Jefferies Financial Group raised their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Royal Bank of Canada lowered their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and nine have issued 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 a consensus target price of $33.62.

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.