Corebridge Financial, Inc. $CRBG Shares Sold by Cookson Peirce & Co. Inc.

Cookson Peirce & Co. Inc. trimmed its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 96.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,710 shares of the company’s stock after selling 840,636 shares during the quarter. Cookson Peirce & Co. Inc.’s holdings in Corebridge Financial were worth $1,090,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings 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 purchasing an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in 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 purchasing an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. boosted its holdings in 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 purchasing an additional 23,401 shares in the last quarter. Truist Financial Corp boosted its holdings in 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 purchasing an additional 1,499,733 shares in the last quarter. Finally, iA Global Asset Management Inc. acquired a new position in Corebridge Financial in the first quarter valued at approximately $358,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 0.6%

NYSE:CRBG opened at $31.97 on Thursday. The stock has a fifty day moving average price of $33.08 and a two-hundred day moving average price of $32.59. The stock has a market capitalization of $17.22 billion, a price-to-earnings ratio of -52.42, a PEG ratio of 0.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last released 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 firm had revenue of $4.42 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the business posted $1.13 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.24 dividend. 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 dividend payout ratio is -157.38%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRBG. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corebridge Financial in a research note on Wednesday, October 8th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Evercore ISI cut their price target on Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Finally, BMO Capital Markets upped their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, June 27th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $39.91.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider owned 82,711,853 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

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.