Corebridge Financial, Inc. $CRBG Shares Sold by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd reduced its position in Corebridge Financial, Inc. (NYSE:CRBG) by 29.7% in the 3rd quarter, Holdings Channel reports. The fund owned 1,795,105 shares of the company’s stock after selling 757,334 shares during the period. AustralianSuper Pty Ltd’s holdings in Corebridge Financial were worth $57,533,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CRBG. Pzena Investment Management LLC increased its position in Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after purchasing an additional 10,673,099 shares in the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial in the second quarter worth $145,632,000. Goldman Sachs Group Inc. raised its stake in shares of Corebridge Financial by 229.9% in the 1st 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 period. Bank of America Corp DE lifted its holdings in shares of Corebridge Financial by 42.8% during the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after acquiring an additional 864,946 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Corebridge Financial by 113.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock worth $45,195,000 after purchasing an additional 677,111 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.40 on Thursday. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock has a market cap of $15.82 billion, a P/E ratio of 18.10, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. The stock has a 50 day moving average of $30.32 and a 200-day moving average of $32.01.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company’s revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 earnings per share. On average, analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is 57.14%.

Wall Street Analyst Weigh In

Several research firms have commented on CRBG. Barclays cut their price objective on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, January 8th. Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Wolfe Research initiated coverage on Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Evercore ISI lowered their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Finally, UBS Group reduced their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.70.

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.