Renaissance Capital LLC Sells 40,053 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Renaissance Capital LLC decreased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 14.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 235,664 shares of the company’s stock after selling 40,053 shares during the quarter. Corebridge Financial comprises about 4.6% of Renaissance Capital LLC’s holdings, making the stock its 7th largest position. Renaissance Capital LLC’s holdings in Corebridge Financial were worth $7,053,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth $27,000. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial in the 4th quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the 3rd quarter valued at about $27,000. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial in the 3rd quarter valued at about $28,000. Finally, HM Payson & Co. acquired a new position in shares of Corebridge Financial during the 3rd quarter valued at about $29,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Trading Down 2.9 %

CRBG opened at $32.79 on Tuesday. The firm’s 50 day moving average is $31.27 and its 200-day moving average is $29.95. Corebridge Financial, Inc. has a 52-week low of $23.01 and a 52-week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $18.65 billion, a P/E ratio of -15.69, a P/E/G ratio of 0.38 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRBG. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Piper Sandler increased their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. BMO Capital Markets assumed coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. Finally, TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.43.

About Corebridge Financial

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.