Franklin Resources Inc. Has $40.41 Million Position in Corebridge Financial, Inc. $CRBG

Franklin Resources Inc. lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 24.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,138,255 shares of the company’s stock after selling 359,115 shares during the period. Franklin Resources Inc.’s holdings in Corebridge Financial were worth $40,408,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CRBG. IFP Advisors Inc raised its holdings in Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after buying an additional 673 shares during the period. Allworth Financial LP acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $26,000. Assetmark Inc. increased its position in shares of Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after acquiring an additional 356 shares in the last quarter. Brooklyn Investment Group increased its position in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after acquiring an additional 581 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after acquiring an additional 603 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

NYSE:CRBG opened at $29.54 on Wednesday. The stock has a market capitalization of $15.38 billion, a PE ratio of 17.59, a P/E/G ratio of 0.39 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. The firm has a fifty day simple moving average of $31.22 and a 200 day simple moving average of $32.91. 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 (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business’s revenue was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.23 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, December 17th. Corebridge Financial’s payout ratio is 57.14%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Wells Fargo & Company reduced their price objective on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Wolfe Research began coverage on Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating for the company. Evercore ISI dropped their target price on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Finally, Barclays cut their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.18.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value 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. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

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.