Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by FORA Capital LLC

FORA Capital LLC cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 35.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 77,437 shares of the company’s stock after selling 41,705 shares during the period. FORA Capital LLC’s holdings in Corebridge Financial were worth $2,258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Swedbank AB purchased a new position in Corebridge Financial in the second quarter valued at approximately $5,639,000. Diversified Trust Co acquired a new position in shares of Corebridge Financial during the 2nd quarter valued at $662,000. QRG Capital Management Inc. boosted its position in Corebridge Financial by 145.1% during the 2nd quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock worth $6,031,000 after purchasing an additional 122,601 shares during the period. Wedge Capital Management L L P NC acquired a new stake in Corebridge Financial in the 2nd quarter valued at $1,886,000. Finally, Senator Investment Group LP increased its holdings in Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock valued at $33,779,000 after purchasing an additional 700,000 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 completion of the transaction, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Piper Sandler decreased their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Royal Bank of Canada decreased their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays lifted 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. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley lifted 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 note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.42 on Thursday. The stock has a market capitalization of $18.44 billion, a price-to-earnings ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a one year low of $20.07 and a one year high of $34.66. The company’s 50-day simple moving average is $30.57 and its 200-day simple moving average is $29.42. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its 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 company had revenue of $5.53 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.84%. Corebridge Financial’s payout ratio 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.