Corebridge Financial, Inc. $CRBG Shares Sold by Cwm LLC

Cwm LLC trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG) by 30.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,097 shares of the company’s stock after selling 25,235 shares during the period. Cwm LLC’s holdings in Corebridge Financial were worth $2,027,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group grew its stake in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after purchasing an additional 581 shares in the last quarter. 3Chopt Investment Partners LLC grew its stake in Corebridge Financial by 7.2% in the second quarter. 3Chopt Investment Partners LLC now owns 9,883 shares of the company’s stock worth $351,000 after purchasing an additional 663 shares in the last quarter. IFP Advisors Inc grew its stake in Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in Corebridge Financial by 1.3% in the second quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company’s stock worth $2,669,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Corebridge Financial by 0.4% in the first quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock worth $9,703,000 after purchasing an additional 1,215 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRBG. Keefe, Bruyette & Woods decreased their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. BMO Capital Markets lifted their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, June 27th. Barclays decreased their target price on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.91.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $30.96 on Monday. 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 50 day simple moving average of $33.20 and a 200-day simple moving average of $32.55. The company has a market cap of $16.67 billion, a PE ratio of -50.76, a P/E/G ratio of 0.48 and a beta of 1.02. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period in the previous year, the firm posted $1.13 earnings per share. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s payout ratio is currently -157.38%.

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.