Acadian Asset Management LLC Sells 1,572,423 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Acadian Asset Management LLC cut its stake in Corebridge Financial by 54.6% in the first quarter, leaving it with approximately 1.3 million shares valued at $41.25 million.
• Analysts have recently increased price targets for Corebridge Financial, with JPMorgan raising theirs from $34 to $40 and BMO from $43 to $44, indicating a generally favorable outlook on the stock.
• Corebridge Financial has announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.9%, scheduled for payment to investors of record on September 16th.

Acadian Asset Management LLC lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 54.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,306,904 shares of the company's stock after selling 1,572,423 shares during the quarter. Acadian Asset Management LLC owned approximately 0.24% of Corebridge Financial worth $41,248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after buying an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after buying an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. boosted its holdings in shares of Corebridge Financial by 1,178.9% during the 1st quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after buying an additional 23,401 shares in the last quarter. Truist Financial Corp boosted its holdings in shares of Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after buying an additional 1,499,733 shares in the last quarter. Finally, Merit Financial Group LLC bought a new position in shares of Corebridge Financial in the 1st quarter worth $832,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. BMO Capital Markets increased their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Morgan Stanley increased their target price on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Finally, JPMorgan Chase & Co. increased their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

Corebridge Financial Stock Performance

CRBG traded down $0.93 during trading hours on Tuesday, hitting $31.34. The stock had a trading volume of 1,607,876 shares, compared to its average volume of 3,276,727. The company's fifty day simple moving average is $34.43 and its 200 day simple moving average is $32.51. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The stock has a market cap of $16.87 billion, a PE ratio of -51.38, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the firm posted $1.13 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.1%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

About Corebridge Financial

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.