Intech Investment Management LLC Sells 80,553 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Intech Investment Management LLC lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 61.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,720 shares of the company’s stock after selling 80,553 shares during the quarter. Intech Investment Management LLC’s holdings in Corebridge Financial were worth $1,479,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CRBG. O Shaughnessy Asset Management LLC increased its holdings in shares of Corebridge Financial by 5.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after acquiring an additional 978 shares in the last quarter. UniSuper Management Pty Ltd bought a new stake in shares of Corebridge Financial in the first quarter worth about $103,000. Toronto Dominion Bank bought a new stake in shares of Corebridge Financial in the first quarter worth about $646,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Corebridge Financial in the first quarter worth about $751,000. Finally, California State Teachers Retirement System increased its holdings in shares of Corebridge Financial by 772.7% in the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock worth $9,523,000 after acquiring an additional 293,487 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $31.86 on Tuesday. The stock has a 50 day moving average price of $30.36 and a 200 day moving average price of $29.38. Corebridge Financial, Inc. has a 52 week low of $20.07 and a 52 week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $18.12 billion, a PE ratio of -15.24, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm posted $1.05 earnings per share. The business’s revenue was up 39.5% on a year-over-year basis. Analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.89%. Corebridge Financial’s payout ratio is -44.02%.

Insider Activity

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

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.