Forsta AP Fonden Trims Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Forsta AP Fonden lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 38.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,300 shares of the company’s stock after selling 26,600 shares during the period. Forsta AP Fonden’s holdings in Corebridge Financial were worth $1,232,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new stake in shares of Corebridge Financial in the 1st quarter valued at about $25,000. LRI Investments LLC bought a new stake in Corebridge Financial during the second quarter valued at approximately $30,000. ORG Partners LLC purchased a new position in Corebridge Financial in the 2nd quarter worth approximately $32,000. Fifth Third Bancorp bought a new position in shares of Corebridge Financial in the 2nd quarter worth $54,000. Finally, Deseret Mutual Benefit Administrators raised its position in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after buying an additional 877 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRBG shares. Jefferies Financial Group increased their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Bank of America reduced their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada cut their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Insider Activity

In related news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.09% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $27.18 on Tuesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 12 month low of $18.44 and a 12 month high of $34.66. The stock has a market cap of $16.54 billion, a P/E ratio of 7.15, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a 50 day simple moving average of $28.22 and a two-hundred day simple moving average of $28.22.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm posted $1.04 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

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.