Renaissance Technologies LLC Sells 574,200 Shares of Corebridge Financial, Inc. $CRBG

Renaissance Technologies LLC lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 96.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,700 shares of the company’s stock after selling 574,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Corebridge Financial were worth $565,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CRBG. Salomon & Ludwin LLC grew its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC increased its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares in the last quarter. Clearstead Advisors LLC raised its stake in shares of Corebridge Financial by 143.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after purchasing an additional 983 shares during the period. IFP Advisors Inc raised its position in Corebridge Financial by 98.8% in the 4th quarter. IFP Advisors Inc now owns 1,797 shares of the company’s stock valued at $54,000 after buying an additional 893 shares during the last quarter. Finally, Assetmark Inc. lifted its position in shares of Corebridge Financial by 35.0% in the fourth quarter. Assetmark Inc. now owns 1,877 shares of the company’s stock worth $57,000 after purchasing an additional 487 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corebridge Financial

In other news, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $33.13 on Tuesday. The stock has a market cap of $14.77 billion, a PE ratio of 19.37, a PEG ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm’s fifty day moving average price is $30.78 and its two-hundred day moving average price is $28.20.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the company earned $1.36 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. UBS Group boosted their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, Wells Fargo & Company upped their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.17.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.