Point72 Europe London LLP Sells 92,500 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Point72 Europe London LLP reduced its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 30.2% during the second quarter, Holdings Channel.com reports. The firm owned 214,146 shares of the company’s stock after selling 92,500 shares during the period. Point72 Europe London LLP’s holdings in Corebridge Financial were worth $6,236,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Riverview Trust Co purchased a new position in shares of Corebridge Financial in the first quarter worth $25,000. LRI Investments LLC purchased a new position in shares of Corebridge Financial in the second quarter valued at about $30,000. ORG Partners LLC bought a new position in shares of Corebridge Financial during the second quarter valued at about $32,000. Fifth Third Bancorp purchased a new stake in shares of Corebridge Financial during the second quarter worth about $54,000. Finally, Deseret Mutual Benefit Administrators grew its stake in shares of Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 0.7 %

NYSE:CRBG opened at $28.80 on Wednesday. The firm has a market capitalization of $17.05 billion, a P/E ratio of 7.58, a PEG ratio of 0.39 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a one year low of $18.83 and a one year high of $34.66. The company’s 50-day simple moving average is $28.02 and its 200 day simple moving average is $28.34.

Corebridge Financial (NYSE:CRBG) last issued its quarterly 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 return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the firm posted $1.04 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.73 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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 issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.19%. Corebridge Financial’s payout ratio is presently 24.21%.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 14,964,738 shares of company stock valued at $400,732,195 in the last quarter. 0.09% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of recent analyst reports. Barclays initiated coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price target for the company. Jefferies Financial Group upped their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Royal Bank of Canada decreased their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Bank of America cut 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 note on Thursday, July 11th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $33.62.

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.