Interval Partners LP Trims Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Interval Partners LP decreased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 86.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,124 shares of the company’s stock after selling 586,942 shares during the period. Interval Partners LP’s holdings in Corebridge Financial were worth $2,647,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. grew its holdings in shares of Corebridge Financial by 21.9% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,535,921 shares of the company’s stock worth $72,857,000 after acquiring an additional 455,889 shares during the period. Public Employees Retirement Association of Colorado acquired a new stake in shares of Corebridge Financial during the first quarter valued at $751,000. Senator Investment Group LP acquired a new stake in shares of Corebridge Financial during the first quarter valued at $13,216,000. Canada Pension Plan Investment Board increased its position in Corebridge Financial by 240.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,807,723 shares of the company’s stock worth $51,936,000 after purchasing an additional 1,276,423 shares in the last quarter. Finally, Capital Research Global Investors raised its position in shares of Corebridge Financial by 9.9% in the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock valued at $972,257,000 after buying an additional 3,059,354 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity

In other news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.

Corebridge Financial Price Performance

CRBG traded down $0.04 on Wednesday, reaching $29.71. The company had a trading volume of 1,924,379 shares, compared to its average volume of 4,214,479. The company has a fifty day moving average of $29.46 and a 200-day moving average of $27.45. The company has a market capitalization of $18.08 billion, a P/E ratio of 7.85, a PEG ratio of 0.40 and a beta of 0.97. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. Corebridge Financial, Inc. has a one year low of $17.40 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter in the prior year, the firm posted $0.97 EPS. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a $0.23 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.10%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Piper Sandler upped their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, May 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Corebridge Financial in a report on Friday, June 28th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.46.

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.