Swedbank AB Trims Holdings in Corebridge Financial, Inc. $CRBG

Swedbank AB cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 48.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 92,074 shares of the company’s stock after selling 87,211 shares during the quarter. Swedbank AB’s holdings in Corebridge Financial were worth $2,778,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRBG. Bank of Nova Scotia raised its position in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the last quarter. Severin Investments LLC raised its position in shares of Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after buying an additional 350 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after buying an additional 383 shares during the last quarter. Finally, True Wealth Design LLC raised its position in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after buying an additional 412 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $27.27 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50-day moving average price of $25.27 and a 200 day moving average price of $28.61. The company has a market capitalization of $12.46 billion, a P/E ratio of 49.59, a PEG ratio of 0.38 and a beta of 1.18. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, May 4th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the prior year, the firm posted $1.16 earnings per share. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.92 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. Corebridge Financial’s payout ratio is currently 181.82%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRBG shares. Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Piper Sandler raised shares of Corebridge Financial to a “strong-buy” rating in a report on Thursday, April 2nd. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Bank of America cut their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Finally, Morgan Stanley dropped their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $35.92.

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.