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

Focus Partners Advisor Solutions LLC lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 11.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in Corebridge Financial by 14.7% in the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock valued at $42,399,000 after acquiring an additional 172,475 shares in the last quarter. Atlas Capital Advisors Inc. raised its holdings in shares of Corebridge Financial by 1,178.9% in the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company’s stock valued at $801,000 after buying an additional 23,401 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Corebridge Financial by 227.6% in the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock valued at $46,045,000 after buying an additional 1,013,259 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock valued at $49,109,000 after buying an additional 1,499,733 shares during the last quarter. Finally, iA Global Asset Management Inc. purchased a new stake in shares of Corebridge Financial in the first quarter valued at about $358,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and upped their target price for the company from $28.00 to $37.00 in a report on Friday, July 11th. Morgan Stanley reduced their target price on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Barclays cut their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Corebridge Financial in a report on Wednesday, October 8th. Finally, Wolfe Research began coverage on shares of Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating for the company. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Trading Down 0.2%

Shares of Corebridge Financial stock opened at $31.75 on Friday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. 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 stock has a market cap of $17.10 billion, a PE ratio of -52.05, a price-to-earnings-growth ratio of 0.50 and a beta of 1.02. The company has a 50-day moving average of $32.83 and a two-hundred day moving average of $32.84.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the company posted $1.13 earnings per share. On average, research analysts anticipate 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 was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a $0.24 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio is currently -157.38%.

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.