Corebridge Financial, Inc. (NYSE:CRBG) Stake Trimmed by Victory Capital Management Inc.

Victory Capital Management Inc. cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 22.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,049,231 shares of the company’s stock after selling 307,064 shares during the quarter. Victory Capital Management Inc. owned 0.18% of Corebridge Financial worth $30,596,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Corebridge Financial by 1.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 483,478 shares of the company’s stock valued at $14,098,000 after acquiring an additional 8,499 shares in the last quarter. Entropy Technologies LP purchased a new stake in Corebridge Financial in the 3rd quarter worth about $627,000. Versor Investments LP boosted its position in Corebridge Financial by 26.4% during the 3rd quarter. Versor Investments LP now owns 26,800 shares of the company’s stock worth $781,000 after acquiring an additional 5,600 shares during the period. Jupiter Wealth Management LLC purchased a new position in Corebridge Financial during the 3rd quarter valued at about $117,000. Finally, Intrinsic Value Partners LLC acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at about $712,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was 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 directly owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Stock Down 0.2 %

Shares of CRBG opened at $30.48 on Friday. The business’s 50 day simple moving average is $29.87 and its 200-day simple moving average is $29.30. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $17.34 billion, a P/E ratio of -14.58, a PEG ratio of 0.39 and a beta of 0.90. Corebridge Financial, Inc. has a one year low of $19.26 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Analyst Ratings Changes

A number of brokerages recently commented on CRBG. Royal Bank of Canada lowered their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Morgan Stanley raised their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler cut their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Barclays upped their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.85.

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.