Lighthouse Investment Partners LLC Cuts Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Lighthouse Investment Partners LLC trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,576 shares of the company’s stock after selling 9,008 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in Corebridge Financial were worth $2,492,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Junto Capital Management LP purchased a new stake in Corebridge Financial during the fourth quarter valued at approximately $26,232,000. Swedbank AB purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $5,639,000. Williamson Legacy Group LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter worth $716,000. Wellington Management Group LLP boosted its position in shares of Corebridge Financial by 14,292.5% in the 4th quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after purchasing an additional 2,442,729 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Corebridge Financial during the 1st quarter worth $1,134,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $28.90 on Friday. The firm has a market cap of $17.11 billion, a PE ratio of 7.61, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The business has a 50-day moving average price of $27.95 and a 200 day moving average price of $28.40.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the previous year, the business earned $1.04 earnings per share. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid 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 dividend yield of 3.18%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRBG. UBS Group increased their price target on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. 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. Morgan Stanley decreased their price target 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. JPMorgan Chase & Co. lifted their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Finally, Barclays started coverage on Corebridge Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 target price on the stock. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.62.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 14,964,738 shares of company stock worth $400,732,195 in the last 90 days. Insiders own 0.09% of the company’s stock.

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.