Acadian Asset Management LLC Reduces Position in 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 holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 54.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,306,904 shares of the company's stock after selling 1,572,423 shares during the period. Acadian Asset Management LLC owned 0.24% of Corebridge Financial worth $41,248,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CRBG. Cetera Investment Advisers grew its stake in Corebridge Financial by 40.6% during the 4th quarter. Cetera Investment Advisers now owns 20,125 shares of the company's stock valued at $602,000 after acquiring an additional 5,814 shares in the last quarter. Deutsche Bank AG grew its stake in Corebridge Financial by 9.0% during the 4th quarter. Deutsche Bank AG now owns 322,363 shares of the company's stock valued at $9,648,000 after acquiring an additional 26,512 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Corebridge Financial during the 4th quarter valued at about $760,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Corebridge Financial by 88.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock valued at $2,899,000 after acquiring an additional 45,363 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp grew its stake in shares of Corebridge Financial by 21.9% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 10,640 shares of the company's stock valued at $318,000 after buying an additional 1,914 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CRBG shares. JPMorgan Chase & Co. increased their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. BMO Capital Markets increased their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Morgan Stanley increased their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $40.80.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $33.15 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $17.85 billion, a P/E ratio of -54.35, a PEG ratio of 0.56 and a beta of 1.06. The company has a 50 day moving average price of $34.57 and a 200 day moving average price of $32.52. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

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.

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