Corebridge Financial, Inc. $CRBG Stock Position Decreased by Geode Capital Management LLC

Geode Capital Management LLC decreased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,412,415 shares of the company’s stock after selling 110,461 shares during the quarter. Geode Capital Management LLC owned about 0.80% of Corebridge Financial worth $156,144,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CRBG. Y Intercept Hong Kong Ltd acquired a new stake in Corebridge Financial in the first quarter valued at approximately $556,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at $5,682,000. Machina Capital S.A.S. acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at $434,000. Cetera Investment Advisers boosted its holdings in Corebridge Financial by 25.3% in the first quarter. Cetera Investment Advisers now owns 25,216 shares of the company’s stock worth $796,000 after purchasing an additional 5,091 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Corebridge Financial by 63.9% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 167,977 shares of the company’s stock worth $5,303,000 after buying an additional 65,500 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. Wells Fargo & Company reduced their target price on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corebridge Financial in a research report on Thursday, November 13th. Wolfe Research started coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating on the stock. Finally, Wall Street Zen upgraded shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $39.18.

Insider Activity at Corebridge Financial

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

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $27.65 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market cap of $14.39 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.38 and a beta of 1.02. The firm has a fifty day moving average price of $31.67 and a two-hundred day moving average price of $33.00. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) 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 company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. Analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.5%. Corebridge Financial’s dividend payout ratio is 57.14%.

Corebridge Financial 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.