Harvest Fund Management Co. Ltd Decreases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Harvest Fund Management Co. Ltd lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBGFree Report) by 73.9% during the third quarter, HoldingsChannel reports. The firm owned 6,323 shares of the company’s stock after selling 17,879 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Corebridge Financial were worth $184,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in Corebridge Financial during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC purchased a new position in Corebridge Financial in the 3rd quarter valued at about $29,000. HM Payson & Co. acquired a new stake in shares of Corebridge Financial during the third quarter valued at about $29,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the second quarter worth about $30,000. Finally, Covestor Ltd increased its position in shares of Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $32.42 on Thursday. The company has a market cap of $18.44 billion, a PE ratio of -15.51, a P/E/G ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a fifty-two week low of $20.07 and a fifty-two week high of $34.66. The firm has a 50-day simple moving average of $30.57 and a 200 day simple moving average of $29.42. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBGGet Free Report) last posted its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.05 earnings per share. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

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 given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.84%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRBG. Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. 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 research report on Tuesday, November 5th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays increased their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Piper Sandler cut their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $35.00.

View Our Latest Stock Report on CRBG

Insider Buying and Selling at Corebridge Financial

In other 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 transaction of $936,000,000.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Corebridge Financial (NYSE:CRBG)

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