Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 73.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,323 shares of the company’s stock after selling 17,879 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Corebridge Financial were worth $184,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $28,000. HM Payson & Co. purchased a new stake in Corebridge Financial during the third quarter worth $29,000. ORG Wealth Partners LLC acquired a new stake in Corebridge Financial in the third quarter valued at $29,000. LRI Investments LLC purchased a new position in shares of Corebridge Financial in the second quarter valued at $30,000. Finally, Covestor Ltd raised its stake in shares of Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley boosted their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, TD Cowen increased their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Up 1.1 %

Shares of CRBG opened at $32.42 on Thursday. Corebridge Financial, Inc. has a fifty-two week low of $20.07 and a fifty-two week high of $34.66. The company’s fifty day moving average is $30.57 and its two-hundred day moving average is $29.42. The firm has a market cap of $18.44 billion, a PE ratio of -15.51, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last issued its 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. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The firm’s revenue for the quarter was up 39.5% compared to the same quarter last year. Analysts forecast that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

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.