Massachusetts Financial Services Co. MA Decreases Stock Holdings in Corebridge Financial, Inc. $CRBG

Massachusetts Financial Services Co. MA reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 6.0% in the second quarter, Holdings Channel reports. The fund owned 9,134,949 shares of the company’s stock after selling 587,316 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Corebridge Financial were worth $324,291,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. IFP Advisors Inc raised its stake in Corebridge Financial by 1,223.6% during the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after purchasing an additional 673 shares in the last quarter. Allworth Financial LP purchased a new position in shares of Corebridge Financial in the 2nd quarter worth $26,000. Assetmark Inc. grew its stake in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after buying an additional 356 shares in the last quarter. Brooklyn Investment Group increased its holdings in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after buying an additional 581 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after buying an additional 603 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider directly owned 82,711,853 shares of the company’s stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRBG. Wolfe Research began coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Morgan Stanley dropped their target price on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research report on Thursday. Finally, Keefe, Bruyette & Woods decreased their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $39.73.

Corebridge Financial Stock Down 0.1%

Shares of NYSE:CRBG opened at $29.10 on Friday. The firm has a market capitalization of $15.15 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.40 and a beta of 1.02. The business has a 50 day simple moving average of $31.90 and a two-hundred day simple moving average of $33.02. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.3%. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

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.