First Horizon Advisors Inc. Cuts Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

First Horizon Advisors Inc. reduced its position in Corebridge Financial, Inc. (NYSE:CRBG) by 8.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,400 shares of the company’s stock after selling 1,105 shares during the period. First Horizon Advisors Inc.’s holdings in Corebridge Financial were worth $332,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $5,639,000. Diversified Trust Co bought a new stake in Corebridge Financial in the second quarter worth $662,000. QRG Capital Management Inc. raised its stake in Corebridge Financial by 145.1% during the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after purchasing an additional 122,601 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Corebridge Financial during the second quarter valued at $1,886,000. Finally, Senator Investment Group LP grew its stake in shares of Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after buying an additional 700,000 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $31.75 on Friday. 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 company has a market capitalization of $18.06 billion, a PE ratio of -15.19, a P/E/G ratio of 0.39 and a beta of 0.90. The company has a 50 day moving average price of $30.27 and a 200-day moving average price of $29.39. Corebridge Financial, Inc. has a fifty-two week low of $20.07 and a fifty-two week high of $34.66.

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 business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $1.05 EPS. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.90%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. TD Cowen started coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Royal Bank of Canada lowered their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Barclays boosted their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. 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, Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.85.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.