Corebridge Financial, Inc. $CRBG Stock: Russell Investments Group Ltd. Trims Position

Russell Investments Group Ltd. cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,318,947 shares of the company’s stock after selling 30,866 shares during the period. Russell Investments Group Ltd. owned about 0.52% of Corebridge Financial worth $76,878,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Maryland State Retirement & Pension System raised its holdings in shares of Corebridge Financial by 23.0% in the third quarter. Maryland State Retirement & Pension System now owns 16,160 shares of the company’s stock valued at $535,000 after acquiring an additional 3,027 shares in the last quarter. Keybank National Association OH grew its holdings in Corebridge Financial by 36.9% during the 3rd quarter. Keybank National Association OH now owns 16,552 shares of the company’s stock worth $548,000 after acquiring an additional 4,460 shares in the last quarter. New York Life Investment Management LLC increased its position in Corebridge Financial by 44.7% during the 3rd quarter. New York Life Investment Management LLC now owns 55,650 shares of the company’s stock valued at $1,843,000 after purchasing an additional 17,185 shares during the period. Retirement Systems of Alabama increased its position in Corebridge Financial by 5.5% during the 3rd quarter. Retirement Systems of Alabama now owns 404,177 shares of the company’s stock valued at $13,386,000 after purchasing an additional 20,909 shares during the period. Finally, Fulcrum Asset Management LLP purchased a new position in Corebridge Financial during the 3rd quarter valued at about $1,638,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 1.0%

Shares of CRBG stock traded up $0.37 during trading hours on Friday, reaching $36.34. 2,345,152 shares of the company’s stock were exchanged, compared to its average volume of 4,889,622. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.71. The stock’s 50 day moving average is $34.71 and its 200-day moving average is $30.11. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.67. The company has a market cap of $15.93 billion, a price-to-earnings ratio of 7.80, a P/E/G ratio of 0.53 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The business had revenue of $4.50 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same period in the previous year, the business earned $0.96 EPS. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. Analysts predict that Corebridge Financial, Inc. will post 4.56 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $0.25 dividend. The ex-dividend date is Thursday, December 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial’s dividend payout ratio (DPR) is 21.46%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon purchased 356,096 shares of the stock in a transaction on Tuesday, November 3rd. The stock was acquired at an average price of $36.13 per share, with a total value of $12,865,748.48. Following the completion of the acquisition, the insider owned 132,890,209 shares in the company, valued at $4,801,323,251.17. The trade was a 0.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Argon Holdco Llc sold 3,227,700 shares of the business’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $34.09, for a total value of $110,032,293.00. Following the sale, the insider owned 44,234,423 shares in the company, valued at $1,507,951,480.07. The trade was a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders acquired 10,729,538 shares of company stock valued at $369,813,983 and sold 3,244,181 shares valued at $110,594,103. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of recent research reports. Mizuho boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Wells Fargo & Company lifted their price target on Corebridge Financial from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Finally, Barclays raised their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.27.

Corebridge Financial Company Profile

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.