Citigroup Inc. Has $26.63 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Citigroup Inc. decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 913,330 shares of the company’s stock after selling 43,155 shares during the quarter. Citigroup Inc. owned 0.16% of Corebridge Financial worth $26,633,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new position in Corebridge Financial in the third quarter worth about $28,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $29,000. HM Payson & Co. acquired a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $29,000. LRI Investments LLC bought a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $30,000. Finally, Covestor Ltd boosted its stake in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent analyst reports. Piper Sandler dropped their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley lifted their price target 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. Barclays upped their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen started coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price for the company. Finally, Royal Bank of Canada decreased their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Three research 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.85.

Corebridge Financial Trading Up 0.3 %

CRBG stock opened at $31.86 on Tuesday. The business has a fifty day moving average of $30.36 and a 200-day moving average of $29.38. The company has a market cap of $18.12 billion, a P/E ratio of -15.24, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a twelve month low of $20.07 and a twelve month 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 released its earnings results 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 negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the company posted $1.05 EPS. The company’s revenue was up 39.5% compared to the same quarter last year. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

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

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated 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 transaction, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company 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.