Catalyst Capital Advisors LLC Lowers Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Catalyst Capital Advisors LLC lowered its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 89,890 shares of the company’s stock after selling 2,900 shares during the period. Catalyst Capital Advisors LLC’s holdings in Corebridge Financial were worth $2,690,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Principal Securities Inc. raised its position in Corebridge Financial by 557.3% during the fourth quarter. Principal Securities Inc. now owns 10,044 shares of the company’s stock valued at $301,000 after acquiring an additional 8,516 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Corebridge Financial by 12.3% during the 4th quarter. Rhumbline Advisers now owns 306,137 shares of the company’s stock valued at $9,163,000 after purchasing an additional 33,613 shares in the last quarter. AustralianSuper Pty Ltd lifted its stake in shares of Corebridge Financial by 69.5% in the 4th quarter. AustralianSuper Pty Ltd now owns 1,584,707 shares of the company’s stock valued at $47,430,000 after purchasing an additional 649,718 shares during the period. Van ECK Associates Corp lifted its stake in shares of Corebridge Financial by 31.9% in the 4th quarter. Van ECK Associates Corp now owns 3,325 shares of the company’s stock valued at $100,000 after purchasing an additional 805 shares during the period. Finally, Lester Murray Antman dba SimplyRich purchased a new stake in Corebridge Financial during the fourth quarter worth $201,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, BMO Capital Markets assumed coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.43.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the 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 completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

CRBG opened at $33.09 on Monday. The firm has a market capitalization of $18.82 billion, a PE ratio of -15.83, a PEG ratio of 0.37 and a beta of 0.94. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a twelve month low of $23.77 and a twelve month high of $34.66. The firm’s 50-day moving average price is $31.42 and its 200 day moving average price is $30.19.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.24 dividend. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.90%. Corebridge Financial’s dividend payout ratio (DPR) is -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.