Panagora Asset Management Inc. Has $33.82 Million Stock Position in Corebridge Financial, Inc. $CRBG

Panagora Asset Management Inc. cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 21.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 952,684 shares of the company’s stock after selling 256,306 shares during the period. Panagora Asset Management Inc.’s holdings in Corebridge Financial were worth $33,820,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. IFP Advisors Inc grew its position in Corebridge Financial by 1,223.6% in 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 acquired a new position in shares of Corebridge Financial during the 2nd quarter worth about $26,000. Assetmark Inc. grew its holdings in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $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% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after acquiring an additional 581 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in 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 in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 1.0%

CRBG stock opened at $29.73 on Tuesday. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The business’s 50 day simple moving average is $31.01 and its 200 day simple moving average is $32.84. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $15.48 billion, a PE ratio of 17.70, a PEG ratio of 0.41 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results 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 net margin of 5.01% and a return on equity of 19.90%. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the business earned $1.23 EPS. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued 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 dividend yield of 3.2%. Corebridge Financial’s payout ratio is presently 57.14%.

Analysts Set New Price Targets

A number of research firms have weighed in on CRBG. Evercore ISI decreased their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Barclays cut their price objective on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Wolfe Research initiated coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating for the company. Wells Fargo & Company dropped their price target on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Finally, Keefe, Bruyette & Woods cut their price target 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. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,184,160 shares of the company’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 transaction, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

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.