Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by KBC Group NV

KBC Group NV decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 687,125 shares of the company’s stock after selling 9,210 shares during the period. KBC Group NV owned about 0.12% of Corebridge Financial worth $20,037,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in Corebridge Financial in the 3rd quarter worth approximately $28,000. HM Payson & Co. acquired a new position in shares of Corebridge Financial during the third quarter valued at $29,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial during the third quarter valued at about $29,000. LRI Investments LLC acquired a new position in Corebridge Financial during the 2nd quarter valued at about $30,000. Finally, Covestor Ltd raised its position 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 in the last quarter. 98.25% of the stock is owned by institutional investors.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business’s 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 completion of the sale, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Trading Down 0.2 %

Shares of CRBG opened at $30.46 on Friday. The stock has a 50 day simple moving average of $29.80 and a 200-day simple moving average of $29.25. Corebridge Financial, Inc. has a 1 year low of $19.26 and a 1 year high of $34.66. The stock has a market cap of $17.33 billion, a PE ratio of -14.57, a PEG ratio of 0.39 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data 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. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $1.05 earnings per share. The company’s revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.02%. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRBG. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada decreased their price target 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. TD Cowen assumed coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. Barclays increased their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Piper Sandler reduced their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $34.85.

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.