Strs Ohio Cuts Holdings in Corebridge Financial, Inc. $CRBG

Strs Ohio lowered its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 89.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,461 shares of the company’s stock after selling 54,541 shares during the quarter. Strs Ohio’s holdings in Corebridge Financial were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CRBG. Goldman Sachs Group Inc. increased its stake in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of Corebridge Financial in the 1st quarter worth about $384,000. KLP Kapitalforvaltning AS increased its position in shares of Corebridge Financial by 2.1% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 79,100 shares of the company’s stock valued at $2,808,000 after purchasing an additional 1,600 shares during the last quarter. Callan Family Office LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at about $580,000. Finally, IFP Advisors Inc raised its holdings in shares of Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after buying an additional 673 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $31.17 on Tuesday. The company’s fifty day simple moving average is $30.50 and its two-hundred day simple moving average is $31.91. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The firm has a market cap of $16.22 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04. 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 posted its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share 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 firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have commented on CRBG shares. Keefe, Bruyette & Woods reduced their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Mizuho assumed coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective for the company. Evercore ISI decreased their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. JPMorgan Chase & Co. cut their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Finally, Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.70.

Corebridge Financial Company 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.