Stifel Financial Corp Sells 31,725 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Stifel Financial Corp decreased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 19.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 132,824 shares of the company’s stock after selling 31,725 shares during the period. Stifel Financial Corp’s holdings in Corebridge Financial were worth $3,873,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd lifted its position in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after acquiring an additional 585 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares in the last quarter. Xponance Inc. grew its holdings in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after purchasing an additional 612 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays raised their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley raised their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, Piper Sandler lowered their price objective 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. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.00.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.66 on Tuesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The company’s fifty day moving average price is $31.28 and its 200-day moving average price is $29.51. The stock has a market cap of $17.44 billion, a PE ratio of -14.67, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. Corebridge Financial, Inc. has a 12 month low of $21.40 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

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.