Yousif Capital Management LLC Sells 639 Shares of Corebridge Financial, Inc. $CRBG

Yousif Capital Management LLC lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 6.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,374 shares of the company’s stock after selling 639 shares during the period. Yousif Capital Management LLC’s holdings in Corebridge Financial were worth $333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CRBG. Bank of New York Mellon Corp grew its stake in Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock valued at $42,399,000 after buying an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock valued at $46,045,000 after acquiring an additional 1,013,259 shares during the period. Atlas Capital Advisors Inc. boosted its holdings in Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company’s stock valued at $801,000 after acquiring an additional 23,401 shares during the period. Truist Financial Corp grew its position in shares of Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock valued at $49,109,000 after purchasing an additional 1,499,733 shares during the last quarter. Finally, iA Global Asset Management Inc. bought a new position in shares of Corebridge Financial in the first quarter worth about $358,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

CRBG opened at $31.86 on Friday. The stock’s 50 day simple moving average is $33.04 and its 200-day simple moving average is $32.63. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The stock has a market cap of $17.15 billion, a PE ratio of -52.22, a P/E/G ratio of 0.49 and a beta of 1.02. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The firm had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the business earned $1.13 earnings per share. Sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, September 16th. Corebridge Financial’s payout ratio is -157.38%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. BMO Capital Markets increased their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, June 27th. Wells Fargo & Company increased their price objective on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Piper Sandler boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Finally, UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and increased their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $39.91.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the transaction, the insider owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by 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.