Quest Partners LLC Reduces Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Quest Partners LLC lowered its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 51.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,863 shares of the company’s stock after selling 7,243 shares during the period. Quest Partners LLC’s holdings in Corebridge Financial were worth $200,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in Corebridge Financial in the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $29,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at $29,000. LRI Investments LLC bought a new position in shares of Corebridge Financial in the second quarter worth $30,000. Finally, Covestor Ltd boosted its stake in Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on CRBG shares. Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler cut their target price 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. Finally, Morgan Stanley lifted their target price on shares of 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 research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Corebridge Financial Trading Up 1.1 %

Shares of CRBG opened at $32.42 on Thursday. Corebridge Financial, Inc. has a 1-year low of $20.07 and a 1-year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm’s 50-day moving average price is $30.57 and its 200-day moving average price is $29.42. The firm has a market capitalization of $18.44 billion, a price-to-earnings ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the firm posted $1.05 EPS. The business’s revenue was up 39.5% on a year-over-year basis. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 annualized dividend and a yield of 2.84%. Corebridge Financial’s payout ratio is -44.02%.

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.