Alliancebernstein L.P. Has $80.75 Million Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Alliancebernstein L.P. reduced its stake in Corebridge Financial, Inc. by 0.8%, owning approximately 2.56 million shares worth about $80.7 million as of its latest SEC filing.
• Several hedge funds increased their holdings in Corebridge Financial, with AQR Capital Management raising its stake by 50%, owning now 8.34 million shares valued at $258.9 million.
• Analysts have increased their price targets for Corebridge Financial, with a consensus average target price of $40.80 and a majority rating it as a "Moderate Buy."

Alliancebernstein L.P. lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,557,670 shares of the company's stock after selling 19,672 shares during the quarter. Alliancebernstein L.P. owned 0.46% of Corebridge Financial worth $80,746,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Pzena Investment Management LLC boosted its position in shares of Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after acquiring an additional 3,412,147 shares in the last quarter. Nuveen LLC bought a new position in Corebridge Financial during the first quarter worth about $100,404,000. AQR Capital Management LLC boosted its holdings in Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after purchasing an additional 2,780,764 shares in the last quarter. Truist Financial Corp grew its stake in shares of Corebridge Financial by 2,686.2% in the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after purchasing an additional 1,499,733 shares during the period. Finally, LSV Asset Management raised its holdings in shares of Corebridge Financial by 51.3% in the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after buying an additional 1,470,812 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

NYSE:CRBG traded down $0.52 during mid-day trading on Friday, reaching $33.36. 4,129,732 shares of the company were exchanged, compared to its average volume of 2,645,093. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The stock has a market cap of $17.96 billion, a PE ratio of -54.68, a PEG ratio of 0.57 and a beta of 1.06. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a fifty day moving average of $34.48 and a 200 day moving average of $32.53.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates 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 period in the prior year, the business earned $1.13 earnings per share. On average, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently commented on CRBG shares. Wells Fargo & Company boosted their price target on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $40.80.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.29% of the company's stock.

Corebridge Financial 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.