Corebridge Financial, Inc. $CRBG Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 450,491 shares of the company’s stock after selling 15,674 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.10% of Corebridge Financial worth $14,920,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Bell Investment Advisors Inc bought a new position in Corebridge Financial in the second quarter valued at about $27,000. Sonoma Allocations LLC acquired a new position in Corebridge Financial during the first quarter worth about $30,000. Allworth Financial LP acquired a new position in Corebridge Financial during the second quarter worth about $41,000. Versant Capital Management Inc lifted its holdings in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Corebridge Financial in the third quarter worth about $54,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial News Summary

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Nippon Life continued its substantial purchases, adding 356,096 shares for about $12.9 million on Nov. 3 and 190,251 shares for about $6.7 million on Nov. 2. The repeat buying may signal confidence, although the additions are small relative to its existing stake. Nippon Life transaction filing
• Positive Sentiment: Third-quarter EPS rose to $1.22 from $0.96 a year earlier. Management also pointed to strong annuity sales and momentum in advisory services, offering some support to the growth outlook. Q3 results presentation
• Negative Sentiment: Revenue was $4.50 billion, well below the $5.36 billion consensus estimate and down 20% year over year. EPS of $1.22 also narrowly missed the $1.23 estimate. The revenue shortfall and decline may be weighing more heavily on investor sentiment than the earnings growth and shareholder purchases. Corebridge Q3 operating earnings

Wall Street Analyst Weigh In

CRBG has been the topic of several research reports. Weiss Ratings raised shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. TD Cowen upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Mizuho increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Finally, Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $39.18.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 356,096 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were acquired at an average cost of $36.13 per share, for a total transaction of $12,865,748.48. Following the transaction, the insider directly owned 132,890,209 shares in the company, valued at approximately $4,801,323,251.17. This represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have purchased 10,729,538 shares of company stock worth $369,813,983. 0.32% of the stock is owned by company insiders.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $34.24 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $15.26 billion, a PE ratio of 7.35, a P/E/G ratio of 0.53 and a beta of 1.05. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.71. The stock has a 50-day moving average price of $34.39 and a two-hundred day moving average price of $29.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 2nd. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.01). The firm had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The business’s revenue for the quarter was down 20.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.96 earnings per share. Analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is 21.46%.

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.