Cornercap Investment Counsel Inc. Sells 17,403 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Cornercap Investment Counsel Inc. cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 41.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,329 shares of the company’s stock after selling 17,403 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Corebridge Financial were worth $709,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. CIBC Asset Management Inc grew its position in shares of Corebridge Financial by 4.2% during the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock worth $571,000 after purchasing an additional 793 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Corebridge Financial during the 3rd quarter valued at approximately $423,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Corebridge Financial by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 483,478 shares of the company’s stock valued at $14,098,000 after buying an additional 8,499 shares during the last quarter. Entropy Technologies LP bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $627,000. Finally, Versor Investments LP lifted its holdings in shares of Corebridge Financial by 26.4% in the third quarter. Versor Investments LP now owns 26,800 shares of the company’s stock worth $781,000 after buying an additional 5,600 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corebridge Financial

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 transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRBG. Barclays lifted their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley lifted their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Piper Sandler reduced their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, TD Cowen started coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.85.

Corebridge Financial Trading Down 0.2 %

CRBG stock opened at $30.46 on Friday. The firm’s fifty day simple moving average is $29.87 and its two-hundred day simple moving average is $29.28. The stock has a market capitalization of $17.33 billion, a price-to-earnings ratio of -14.57, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a twelve month low of $19.26 and a twelve month high of $34.66.

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, topping analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.05 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm 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 dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

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.