Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by South Dakota Investment Council

South Dakota Investment Council cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 1.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,824 shares of the company’s stock after selling 2,506 shares during the period. South Dakota Investment Council’s holdings in Corebridge Financial were worth $4,843,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial during the 3rd quarter valued at approximately $27,000. Fortitude Family Office LLC acquired a new stake in Corebridge Financial during the 4th quarter valued at approximately $27,000. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial during the 4th quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Corebridge Financial during the 3rd quarter valued at approximately $28,000. Finally, HM Payson & Co. acquired a new stake in Corebridge Financial during the 3rd quarter valued at approximately $29,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CRBG has been the subject of several research reports. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. TD Cowen lifted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research note on Monday, January 6th. Piper Sandler lifted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $36.64.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $32.72 on Monday. The firm has a market cap of $18.19 billion, a PE ratio of 8.65, a PEG ratio of 0.43 and a beta of 0.94. The firm has a fifty day moving average of $31.70 and a 200 day moving average of $30.46. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. As a group, research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is presently 24.34%.

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.