Cornercap Investment Counsel Inc. Cuts Position in Corebridge Financial, Inc. (NYSE:CRBG)

Cornercap Investment Counsel Inc. trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 41.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,329 shares of the company’s stock after selling 17,403 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Corebridge Financial were worth $709,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Swedbank AB purchased a new stake in shares of Corebridge Financial during the second quarter valued at about $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Corebridge Financial in the first quarter worth $1,134,000. Diversified Trust Co purchased a new position in Corebridge Financial in the second quarter worth $662,000. QRG Capital Management Inc. increased its position in shares of Corebridge Financial by 145.1% during the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock worth $6,031,000 after purchasing an additional 122,601 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Corebridge Financial in the 2nd quarter worth $1,886,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.2 %

Corebridge Financial stock opened at $30.46 on Friday. The business’s 50-day moving average price is $29.87 and its 200 day moving average price is $29.28. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market cap of $17.33 billion, a price-to-earnings ratio of -14.57, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. Corebridge Financial, Inc. has a 52 week low of $19.26 and a 52 week high of $34.66.

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

Corebridge Financial Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 3.02%. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRBG shares. TD Cowen began coverage on Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley boosted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Barclays raised their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, Royal Bank of Canada dropped their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $34.85.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.08% 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.