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

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

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in Corebridge Financial by 44.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,001,915 shares of the company’s stock worth $43,361,000 after acquiring an additional 619,341 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Corebridge Financial by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock worth $2,004,000 after acquiring an additional 2,828 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Corebridge Financial by 12.8% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,819 shares of the company’s stock worth $538,000 after acquiring an additional 2,817 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Corebridge Financial during the 4th quarter worth approximately $514,000. Finally, Norges Bank acquired a new position in Corebridge Financial during the 4th quarter worth approximately $225,561,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.4 %

CRBG stock opened at $27.41 on Friday. The company has a fifty day moving average price of $28.26 and a 200 day moving average price of $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 cap of $16.23 billion, a price-to-earnings ratio of 7.21, a price-to-earnings-growth ratio of 0.35 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 (NYSE:CRBG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter in the prior year, the firm earned $1.04 EPS. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given 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 3.36%. Corebridge Financial’s payout ratio is currently 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the transaction, 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 filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRBG shares. UBS Group boosted their price target 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. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada reduced their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Morgan Stanley reduced 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 research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.62.

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.