Police & Firemen s Retirement System of New Jersey Reduces Stock Holdings in Corebridge Financial, Inc. $CRBG

Police & Firemen s Retirement System of New Jersey reduced its position in Corebridge Financial, Inc. (NYSE:CRBG) by 9.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,989 shares of the company’s stock after selling 7,689 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Corebridge Financial were worth $2,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new stake in Corebridge Financial in the 1st quarter valued at about $556,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Corebridge Financial in the first quarter valued at approximately $5,682,000. Machina Capital S.A.S. purchased a new stake in shares of Corebridge Financial during the 1st quarter valued at approximately $434,000. Cetera Investment Advisers boosted its holdings in Corebridge Financial by 25.3% in the 1st quarter. Cetera Investment Advisers now owns 25,216 shares of the company’s stock worth $796,000 after buying an additional 5,091 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in Corebridge Financial by 63.9% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 167,977 shares of the company’s stock worth $5,303,000 after buying an additional 65,500 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRBG. Barclays dropped their target price on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Wolfe Research initiated coverage on Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating for the company. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a report on Monday. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.18.

Corebridge Financial Stock Down 0.7%

Shares of NYSE CRBG opened at $27.65 on Wednesday. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $14.39 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 0.38 and a beta of 1.02. The business has a 50-day moving average of $31.67 and a 200-day moving average of $33.00.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the prior year, the business earned $1.23 earnings per share. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the company’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the transaction, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.