Schroder Investment Management Group Sells 353,923 Shares of Corebridge Financial, Inc. $CRBG

Schroder Investment Management Group trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG) by 64.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 195,081 shares of the company’s stock after selling 353,923 shares during the quarter. Schroder Investment Management Group’s holdings in Corebridge Financial were worth $6,925,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CRBG. Cetera Investment Advisers increased its position in Corebridge Financial by 25.3% during the first quarter. Cetera Investment Advisers now owns 25,216 shares of the company’s stock worth $796,000 after buying an additional 5,091 shares during the last quarter. LPL Financial LLC lifted its position in shares of Corebridge Financial by 3.8% in the first quarter. LPL Financial LLC now owns 180,778 shares of the company’s stock valued at $5,707,000 after buying an additional 6,593 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Corebridge Financial by 38.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,003 shares of the company’s stock worth $190,000 after acquiring an additional 1,681 shares during the period. iA Global Asset Management Inc. acquired a new position in shares of Corebridge Financial during the 1st quarter worth approximately $358,000. Finally, Vanguard Group Inc. increased its holdings in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock worth $765,571,000 after acquiring an additional 324,692 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRBG has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corebridge Financial in a report on Monday. Wolfe Research initiated coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. Finally, Wells Fargo & Company reduced their price objective on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.40.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $30.19 on Friday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The company’s 50 day moving average price is $30.81 and its two-hundred day moving average price is $32.77. The firm has a market cap of $15.71 billion, a PE ratio of 17.97, a PEG ratio of 0.41 and a beta of 1.04. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.23 earnings per share. Equities research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is 57.14%.

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.