Comerica Bank Lowers Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Comerica Bank lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 17.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 133,014 shares of the company's stock after selling 28,488 shares during the quarter. Comerica Bank's holdings in Corebridge Financial were worth $3,981,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CRBG. Fortitude Family Office LLC purchased a new position in Corebridge Financial in the 4th quarter worth $27,000. FNY Investment Advisers LLC acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC grew its position in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares during the period. Oarsman Capital Inc. purchased a new stake in Corebridge Financial during the 4th quarter worth approximately $30,000. Finally, Blue Trust Inc. raised its stake in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after purchasing an additional 729 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Piper Sandler upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. BMO Capital Markets assumed coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price target for the company. Wells Fargo & Company boosted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, UBS Group cut shares of Corebridge Financial from a "buy" rating to a "sell" rating and reduced their price target for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.62.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $1.63 during mid-day trading on Monday, hitting $32.77. 391,120 shares of the company were exchanged, compared to its average volume of 3,481,277. The stock has a 50 day simple moving average of $30.04 and a 200-day simple moving average of $31.13. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of 8.67, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The company had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $5.28 billion. During the same quarter in the previous year, the firm posted $1.10 EPS. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.93%. Corebridge Financial's payout ratio is 81.36%.

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.