Corebridge Financial, Inc. $CRBG Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Cuts Holdings

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 34.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 252,650 shares of the company’s stock after selling 135,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Corebridge Financial were worth $8,368,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CRBG. Farther Finance Advisors LLC boosted its holdings in shares of Corebridge Financial by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after purchasing an additional 590 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Corebridge Financial by 100.6% in the second quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $41,000 after purchasing an additional 724 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Corebridge Financial by 15.8% in the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock valued at $193,000 after purchasing an additional 796 shares during the last quarter. State of Wyoming lifted its position in Corebridge Financial by 16.1% during the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after buying an additional 823 shares in the last quarter. Finally, Corient Private Wealth LP lifted its position in Corebridge Financial by 1.2% during the second quarter. Corient Private Wealth LP now owns 72,562 shares of the company’s stock worth $2,077,000 after buying an additional 858 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 805,782 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was purchased at an average cost of $34.15 per share, with a total value of $27,517,455.30. Following the transaction, the insider owned 125,579,654 shares of the company’s stock, valued at $4,288,545,184.10. This trade represents a 0.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders acquired 9,708,897 shares of company stock worth $333,608,695 and sold 28,895 shares worth $983,886. Corporate insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Down 1.4%

CRBG stock opened at $34.79 on Friday. The firm has a market cap of $15.51 billion, a PE ratio of 20.35, a PEG ratio of 0.50 and a beta of 1.07. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm’s 50 day moving average price is $34.12 and its 200-day moving average price is $29.84.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the firm earned $1.36 earnings per share. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CRBG shares. Mizuho 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 Wednesday, October 7th. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Jefferies Financial Group lifted their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, TD Cowen upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Corebridge Financial Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.