Envestnet Asset Management Inc. Trims Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Envestnet Asset Management Inc. decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 0.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 482,381 shares of the company’s stock after selling 1,601 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Corebridge Financial worth $14,047,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Riverview Trust Co purchased a new position in shares of Corebridge Financial during the 1st quarter worth $25,000. LRI Investments LLC purchased a new position in Corebridge Financial during the second quarter valued at $30,000. ORG Partners LLC bought a new stake in Corebridge Financial during the second quarter valued at about $32,000. Fifth Third Bancorp purchased a new stake in Corebridge Financial in the second quarter worth about $54,000. Finally, Deseret Mutual Benefit Administrators raised its stake in shares of Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after buying an additional 877 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 14,964,738 shares of company stock worth $400,732,195. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Barclays initiated coverage on Corebridge Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective for the company. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. raised 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. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley cut their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $33.62.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $28.80 on Wednesday. The company has a market cap of $17.52 billion, a price-to-earnings ratio of 7.58, a PEG ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The stock’s 50 day simple moving average is $28.02 and its two-hundred day simple moving average is $28.34. 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 released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.74 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

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.