Mirae Asset Global Investments Co. Ltd. Reduces Position in Corebridge Financial, Inc. (NYSE:CRBG)

Mirae Asset Global Investments Co. Ltd. lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 38.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,519 shares of the company’s stock after selling 36,462 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Corebridge Financial were worth $1,691,000 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 CRBG. Swedbank AB purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Corebridge Financial in the first quarter worth about $1,134,000. Russell Investments Group Ltd. boosted its stake in shares of Corebridge Financial by 30.1% during the 1st quarter. Russell Investments Group Ltd. now owns 697,825 shares of the company’s stock worth $19,990,000 after acquiring an additional 161,247 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Corebridge Financial during the 1st quarter valued at about $16,489,000. Finally, Forsta AP Fonden purchased a new position in shares of Corebridge Financial in the 1st quarter valued at about $1,979,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

CRBG opened at $31.77 on Friday. The stock’s 50-day moving average price is $29.32 and its 200 day moving average price is $28.95. Corebridge Financial, Inc. has a 12-month low of $18.83 and a 12-month high of $34.66. The firm has a market cap of $18.81 billion, a price-to-earnings ratio of 9.90, a PEG ratio of 0.42 and a beta of 0.97. 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 (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating 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 business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the firm posted $1.04 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.66 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. UBS Group raised their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. 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 for the company. 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. Piper Sandler reduced their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Barclays lifted their price objective on Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.46.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the transaction, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.08% of the stock is owned by company insiders.

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.