Los Angeles Capital Management LLC Lowers Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Los Angeles Capital Management LLC lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 11.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,822 shares of the company’s stock after selling 4,971 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Corebridge Financial were worth $1,103,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Canada Pension Plan Investment Board raised its holdings in Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in Corebridge Financial during the 1st quarter worth approximately $89,013,000. Capital Research Global Investors raised its stake in shares of Corebridge Financial by 9.9% during the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after buying an additional 3,059,354 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Corebridge Financial by 201.1% in the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after buying an additional 2,677,105 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after buying an additional 2,137,594 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Down 0.8 %

Shares of NYSE:CRBG opened at $30.53 on Friday. The company has a market capitalization of $17.36 billion, a P/E ratio of -14.72, a P/E/G ratio of 0.40 and a beta of 0.90. The stock’s fifty day simple moving average is $29.74 and its 200-day simple moving average is $29.24. Corebridge Financial, Inc. has a 52-week low of $19.26 and a 52-week 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 0.83.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 earnings per share. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.76 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 Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler cut their price objective 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. Royal Bank of Canada decreased their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Morgan Stanley increased their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen began coverage on Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Finally, Barclays raised their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

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.