Arbiter Partners Capital Management LLC Cuts Stock Position in Corebridge Financial, Inc. $CRBG

Arbiter Partners Capital Management LLC trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 13.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 233,655 shares of the company’s stock after selling 36,400 shares during the period. Corebridge Financial accounts for about 3.2% of Arbiter Partners Capital Management LLC’s investment portfolio, making the stock its 4th largest position. Arbiter Partners Capital Management LLC’s holdings in Corebridge Financial were worth $5,575,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRBG. Salomon & Ludwin LLC lifted its holdings in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the last quarter. Rothschild Investment LLC lifted its holdings in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the period. True Wealth Design LLC raised its position in Corebridge Financial by 50.2% in the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares in the last quarter. Clearstead Advisors LLC lifted its stake in Corebridge Financial by 143.7% during the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock worth $50,000 after purchasing an additional 983 shares during the period. Finally, IFP Advisors Inc lifted its stake in Corebridge Financial by 98.8% during the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company’s stock worth $54,000 after purchasing an additional 893 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the sale, the insider directly owned 128,153 shares in the company, valued at approximately $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company’s stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $31.47 on Wednesday. The business has a 50 day simple moving average of $28.66 and a 200 day simple moving average of $27.90. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $14.03 billion, a price-to-earnings ratio of 57.21, a PEG ratio of 0.38 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 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 business had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the company posted $1.16 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 4.63 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.

Analysts Set New Price Targets

CRBG has been the topic of several analyst reports. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Bank of America cut their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Weiss Ratings lowered Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Mizuho raised their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

Corebridge Financial Company 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.