First Horizon Advisors Inc. Decreases Position in Corebridge Financial, Inc. (NYSE:CRBG)

First Horizon Advisors Inc. lessened its position in Corebridge Financial, Inc. (NYSE:CRBG) by 8.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,400 shares of the company’s stock after selling 1,105 shares during the period. First Horizon Advisors Inc.’s holdings in Corebridge Financial were worth $332,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC bought a new position in shares of Corebridge Financial during the third quarter valued at $29,000. HM Payson & Co. bought a new position in shares of Corebridge Financial during the third quarter valued at $29,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the second quarter valued at $30,000. Finally, Covestor Ltd increased its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 0.9 %

Shares of NYSE:CRBG opened at $31.75 on Friday. The stock has a 50 day moving average of $30.27 and a 200 day moving average of $29.39. The company has a market cap of $18.06 billion, a PE ratio of -15.19, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month 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.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results 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 business had revenue of $5.53 billion during 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 company’s revenue was up 39.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.90%. Corebridge Financial’s payout ratio is presently -44.02%.

Insider Buying and Selling 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 that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. TD Cowen initiated coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Barclays boosted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, 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. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.85.

Corebridge Financial Company 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.