Corebridge Financial, Inc. $CRBG Shares Sold by Focus Partners Advisor Solutions LLC

Focus Partners Advisor Solutions LLC cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 11.0% during the 2nd quarter, Holdings Channel reports. The firm owned 12,218 shares of the company’s stock after selling 1,513 shares during the period. Focus Partners Advisor Solutions LLC’s holdings in Corebridge Financial were worth $434,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CRBG. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 132.6% in the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after purchasing an additional 10,673,099 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Corebridge Financial in the first quarter valued at approximately $100,404,000. AQR Capital Management LLC boosted its position in Corebridge Financial by 50.0% during 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 last quarter. Truist Financial Corp boosted its position in Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock worth $49,109,000 after acquiring an additional 1,499,733 shares during the last quarter. Finally, LSV Asset Management boosted its position in Corebridge Financial by 51.3% during the first quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock worth $136,920,000 after acquiring an additional 1,470,812 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction on 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 sale, the insider 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Piper Sandler raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Morgan Stanley decreased their target price on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Evercore ISI decreased their price target on shares of Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Finally, Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.91.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.75 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $17.10 billion, a price-to-earnings ratio of -52.05, a PEG ratio of 0.50 and a beta of 1.02. The firm’s fifty day simple moving average is $32.83 and its 200 day simple moving average is $32.84. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same quarter in the previous year, the business posted $1.13 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.0%. Corebridge Financial’s payout ratio is -157.38%.

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.