Hsbc Holdings PLC Trims Stake in Corebridge Financial, Inc. $CRBG

Hsbc Holdings PLC lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 319,448 shares of the company’s stock after selling 17,760 shares during the quarter. Hsbc Holdings PLC owned about 0.07% of Corebridge Financial worth $9,678,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CRBG. Goldman Sachs Group Inc. lifted its position in shares of Corebridge Financial by 229.9% in the first 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 in the last quarter. Focus Partners Wealth purchased a new stake in Corebridge Financial during the 1st quarter worth about $384,000. Creative Planning acquired a new position in Corebridge Financial in the 2nd quarter valued at about $243,000. EverSource Wealth Advisors LLC lifted its holdings in Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after purchasing an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after purchasing an additional 36,239 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CRBG shares. Barclays lowered their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. Morgan Stanley reduced their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Bank of America decreased their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. TD Cowen lowered their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.36.

Corebridge Financial Trading Up 1.7%

NYSE CRBG opened at $28.63 on Friday. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a 50-day moving average of $27.46 and a 200-day moving average of $27.97. 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 company has a market cap of $12.76 billion, a P/E ratio of 52.06, a P/E/G ratio of 0.31 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the business posted $1.16 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

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.