Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,600 shares of the company’s stock after selling 1,600 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Corebridge Financial were worth $1,532,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Norges Bank acquired a new stake in Corebridge Financial during the fourth quarter valued at $225,561,000. Vanguard Group Inc. grew its position in Corebridge Financial by 39.0% during the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after buying an additional 6,648,673 shares during the period. Hotchkis & Wiley Capital Management LLC grew its position in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at about $105,728,000. Finally, Clearbridge Investments LLC grew its position in shares of Corebridge Financial by 681.9% in the fourth quarter. Clearbridge Investments LLC now owns 4,248,529 shares of the company’s stock valued at $92,023,000 after purchasing an additional 3,705,181 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $27.41 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm’s 50-day moving average is $28.26 and its two-hundred day moving average is $28.17. Corebridge Financial, Inc. has a 12 month low of $18.40 and a 12 month high of $34.66. The company has a market capitalization of $16.23 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm earned $1.04 earnings per share. Analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CRBG. Barclays began coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 target price on the stock. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Morgan Stanley dropped their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, Bank of America dropped their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.62.

Insider Activity

In other news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.09% of the company’s stock.

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.