Hsbc Holdings PLC Decreases Stake in Corebridge Financial, Inc. $CRBG

Hsbc Holdings PLC lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 20.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 255,616 shares of the company’s stock after selling 63,832 shares during the period. Hsbc Holdings PLC owned approximately 0.05% of Corebridge Financial worth $6,099,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CRBG. Salomon & Ludwin LLC boosted its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC increased its holdings in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Clearstead Advisors LLC increased its holdings in shares of Corebridge Financial by 143.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after purchasing an additional 983 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Corebridge Financial by 98.8% in the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company’s stock valued at $54,000 after purchasing an additional 893 shares during the period. Finally, Key Capital Management INC acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at about $56,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the subject of a number of research analyst reports. Weiss Ratings cut shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Jefferies Financial Group upped 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. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. Piper Sandler lifted their price objective on Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Wells Fargo & Company lifted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

Insiders Place Their Bets

In other news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was 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 in the company, valued at $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by insiders.

Corebridge Financial Trading Down 2.7%

Shares of CRBG stock opened at $30.82 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 $13.74 billion, a price-to-earnings ratio of 56.04, a PEG ratio of 0.39 and a beta of 1.10. The firm has a 50-day moving average price of $28.83 and a 200 day moving average price of $27.92. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results 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). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business posted $1.16 EPS. Research analysts forecast that Corebridge Financial, Inc. will post 4.62 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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

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.