Stifel Financial Corp Sells 31,725 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Stifel Financial Corp trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG) by 19.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 132,824 shares of the company’s stock after selling 31,725 shares during the period. Stifel Financial Corp’s holdings in Corebridge Financial were worth $3,873,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of CRBG. Qsemble Capital Management LP bought a new position in Corebridge Financial in the third quarter valued at about $2,370,000. Senator Investment Group LP boosted its position in Corebridge Financial by 152.2% during the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after buying an additional 700,000 shares during the period. Marshall Wace LLP grew its holdings in Corebridge Financial by 201.1% during the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after acquiring an additional 2,677,105 shares during the last quarter. Renaissance Capital LLC increased its position in Corebridge Financial by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 275,717 shares of the company’s stock valued at $8,040,000 after acquiring an additional 46,037 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Corebridge Financial by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,738,163 shares of the company’s stock valued at $50,685,000 after acquiring an additional 148,834 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CRBG shares. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen raised their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Morgan Stanley increased their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler decreased their target price 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. Finally, Barclays raised their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Stock Down 0.1 %

CRBG opened at $30.66 on Tuesday. Corebridge Financial, Inc. has a twelve month low of $21.40 and a twelve month high of $34.66. The company’s 50-day moving average price is $31.28 and its two-hundred day moving average price is $29.51. The stock has a market cap of $17.44 billion, a price-to-earnings ratio of -14.67, a PEG ratio of 0.39 and a beta of 0.86. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.05 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.00%. Corebridge Financial’s payout ratio is -44.02%.

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.