Westpac Banking Corp Has $101,000 Holdings in Corebridge Financial, Inc. $CRBG

Westpac Banking Corp decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 93.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,851 shares of the company’s stock after selling 41,374 shares during the period. Westpac Banking Corp’s holdings in Corebridge Financial were worth $101,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Pzena Investment Management LLC lifted its holdings in Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after buying an additional 10,673,099 shares during the period. Nuveen LLC bought a new position in shares of Corebridge Financial during the first quarter worth about $100,404,000. AQR Capital Management LLC lifted its stake in shares of Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock worth $258,880,000 after acquiring an additional 2,780,764 shares during the period. LSV Asset Management boosted its holdings in Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock valued at $136,920,000 after acquiring an additional 1,470,812 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Insider Activity

In other news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction dated 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 $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on CRBG shares. Wolfe Research assumed coverage on shares of Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating for the company. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Wells Fargo & Company dropped their target price on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corebridge Financial in a report on Thursday. Finally, Evercore ISI lowered their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.18.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $27.84 on Tuesday. The firm has a market capitalization of $14.49 billion, a P/E ratio of 16.57, a P/E/G ratio of 0.40 and a beta of 1.02. The firm’s 50-day moving average price is $31.78 and its 200-day moving average price is $33.03. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the company posted $1.23 earnings per share. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. Equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.4%. Corebridge Financial’s dividend payout ratio is presently 57.14%.

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.