Healthcare of Ontario Pension Plan Trust Fund Cuts Stake in Corebridge Financial, Inc. $CRBG

Healthcare of Ontario Pension Plan Trust Fund decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 11.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 398,600 shares of the company’s stock after selling 51,400 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Corebridge Financial were worth $9,511,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after acquiring an additional 311,133 shares during the last quarter. Pzena Investment Management LLC increased its stake in 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. Norges Bank purchased a new stake in Corebridge Financial during the fourth quarter valued at approximately $611,550,000. State Street Corp raised its position in 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 purchasing an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after purchasing an additional 2,689,611 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Piper Sandler lifted their target price on Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Finally, Mizuho boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.75.

Corebridge Financial Trading Up 1.9%

Shares of NYSE CRBG opened at $32.33 on Wednesday. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two 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 company has a market cap of $14.41 billion, a price-to-earnings ratio of 58.78, a PEG ratio of 0.40 and a beta of 1.10. The business’s 50 day moving average price is $29.10 and its 200-day moving average price is $27.94.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the previous year, the firm earned $1.16 EPS. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was 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.