American International Group Inc. Decreases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

American International Group Inc. lowered its position in Corebridge Financial, Inc. (NYSE:CRBG) by 5.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 279,238,898 shares of the company’s stock after selling 14,964,738 shares during the period. Corebridge Financial comprises approximately 95.7% of American International Group Inc.’s holdings, making the stock its largest position. American International Group Inc. owned 49.09% of Corebridge Financial worth $8,142,606,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in shares of Corebridge Financial by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after acquiring an additional 284,781 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Corebridge Financial by 0.5% during the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock valued at $216,259,000 after purchasing an additional 37,269 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. FMR LLC increased its holdings in shares of Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after purchasing an additional 598,373 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $32.42 on Thursday. The stock has a 50 day moving average price of $30.57 and a 200 day moving average price of $29.42. Corebridge Financial, Inc. has a 52-week low of $20.07 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a market capitalization of $18.44 billion, a P/E ratio of -15.51, a P/E/G ratio of 0.41 and a beta of 0.90.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.84%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. TD Cowen boosted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada lowered their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. 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 report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Corebridge Financial Company 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.