Citigroup Inc. Sells 43,155 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Citigroup Inc. lowered its position in Corebridge Financial, Inc. (NYSE:CRBG) by 4.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 913,330 shares of the company’s stock after selling 43,155 shares during the period. Citigroup Inc.’s holdings in Corebridge Financial were worth $26,633,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRBG. Charles Schwab Investment Management Inc. raised its position in shares of Corebridge Financial by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,738,163 shares of the company’s stock worth $50,685,000 after purchasing an additional 148,834 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock valued at $305,709,000 after buying an additional 284,781 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in shares of Corebridge Financial by 28.5% in the third quarter. Ontario Teachers Pension Plan Board now owns 21,739 shares of the company’s stock valued at $634,000 after buying an additional 4,822 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Corebridge Financial during the third quarter worth $4,753,000. Finally, Swiss National Bank lifted its position in Corebridge Financial by 10.3% in the 3rd quarter. Swiss National Bank now owns 812,665 shares of the company’s stock valued at $23,697,000 after acquiring an additional 75,600 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.86 on Tuesday. The company has a market cap of $18.12 billion, a PE ratio of -15.24, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90. The firm has a 50-day moving average of $30.36 and a 200-day moving average of $29.38. Corebridge Financial, Inc. has a one year low of $20.07 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates 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 positive return on equity of 22.24% and a negative net margin of 6.10%. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the company posted $1.05 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm 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 dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is presently -44.02%.

Analysts Set New Price Targets

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

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares in the company, valued at approximately $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 accessible through the SEC website. 0.08% of the stock is owned by company insiders.

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.