Corebridge Financial, Inc. $CRBG Shares Sold by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 5.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 270,361 shares of the company’s stock after selling 14,530 shares during the period. Corebridge Financial comprises approximately 1.7% of Sierra Summit Advisors LLC’s holdings, making the stock its 25th biggest position. Sierra Summit Advisors LLC owned 0.05% of Corebridge Financial worth $9,598,000 as of its most recent SEC filing.

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

Insider Transactions at Corebridge Financial

In other Corebridge Financial 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 value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by insiders.

Corebridge Financial Trading Up 1.4%

Corebridge Financial stock opened at $28.14 on Friday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month 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. The stock has a market capitalization of $14.65 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02. The firm has a 50 day simple moving average of $31.34 and a 200-day simple moving average of $32.93.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.Corebridge Financial’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.23 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.4%. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company dropped their target price on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Wolfe Research began coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating on the stock. Barclays reduced their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods cut 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. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $39.18.

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.