Bank of New York Mellon Corp Decreases Stock Position in Corebridge Financial, Inc. $CRBG

Bank of New York Mellon Corp trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,721,217 shares of the company’s stock after selling 30,705 shares during the period. Bank of New York Mellon Corp’s holdings in Corebridge Financial were worth $41,068,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Corebridge Financial in the 4th quarter valued at about $611,550,000. State Street Corp grew its stake in shares of Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after acquiring an additional 3,465,371 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock worth $645,313,000 after acquiring an additional 3,413,384 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after acquiring an additional 2,823,801 shares during the last quarter. Finally, Amundi lifted its stake in shares of Corebridge Financial by 227.7% in the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock worth $107,162,000 after acquiring an additional 2,467,981 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $31.28 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $13.95 billion, a price-to-earnings ratio of 56.88, a price-to-earnings-growth ratio of 0.39 and a beta of 1.10. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The business has a 50 day simple moving average of $28.90 and a 200-day simple moving average of $27.94.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data 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). The firm had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter last year, the business earned $1.16 earnings per share. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared 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 was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction dated 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 transaction, the insider directly owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. The trade was a 3.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of analyst reports. UBS Group increased their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Piper Sandler raised their price target on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of 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 company. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

About Corebridge Financial

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.