Geode Capital Management LLC Sells 110,461 Shares of Corebridge Financial, Inc. $CRBG

Geode Capital Management LLC lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 2.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,412,415 shares of the company’s stock after selling 110,461 shares during the period. Geode Capital Management LLC’s holdings in Corebridge Financial were worth $156,144,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its holdings in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after buying an additional 673 shares in the last quarter. Allworth Financial LP bought a new position in shares of Corebridge Financial in the second quarter valued at about $26,000. Assetmark Inc. lifted its position in shares of Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after purchasing an additional 356 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after buying an additional 603 shares in the last quarter. Finally, Brooklyn Investment Group lifted its stake in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after acquiring an additional 581 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the transaction, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Stock Down 0.7%

CRBG stock opened at $27.65 on Wednesday. The company has a market cap of $14.39 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 0.38 and a beta of 1.02. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The business has a 50 day moving average price of $31.67 and a two-hundred day moving average price of $33.00. 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 announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the prior year, the company earned $1.23 EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. Analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research report on Thursday, November 13th. Barclays reduced their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Evercore ISI dropped their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Wolfe Research initiated coverage on Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating for the company. Finally, Keefe, Bruyette & Woods dropped their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.18.

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.