Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. trimmed its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 61.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 861,270 shares of the company’s stock after selling 1,389,788 shares during the period. Robeco Institutional Asset Management B.V. owned about 0.15% of Corebridge Financial worth $25,778,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CRBG. Covestor Ltd grew its position in shares of Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after buying an additional 585 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after acquiring an additional 729 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Corebridge Financial by 4.2% in the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock valued at $571,000 after acquiring an additional 793 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its stake in shares of Corebridge Financial by 43.1% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,969 shares of the company’s stock valued at $87,000 after acquiring an additional 894 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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 shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $34.11 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a market capitalization of $19.41 billion, a price-to-earnings ratio of -16.32, a PEG ratio of 0.36 and a beta of 0.92. The business has a 50-day moving average of $31.18 and a 200-day moving average of $29.89.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company earned $1.05 earnings per share. Corebridge Financial’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.70%. Corebridge Financial’s payout ratio is currently -44.02%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRBG shares. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler raised their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Morgan Stanley increased their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.43.

About Corebridge Financial

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.