Alliancebernstein L.P. Has $80.75 Million Holdings 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. trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,557,670 shares of the company's stock after selling 19,672 shares during the quarter. Alliancebernstein L.P. owned approximately 0.46% of Corebridge Financial worth $80,746,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after buying an additional 324,692 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after buying an additional 2,780,764 shares during the last quarter. Pzena Investment Management LLC lifted its holdings 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 buying an additional 3,412,147 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corebridge Financial by 6.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock valued at $184,034,000 after buying an additional 372,270 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Corebridge Financial by 34.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock valued at $143,767,000 after buying an additional 1,235,796 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their target price on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

Corebridge Financial Stock Performance

Shares of CRBG stock traded down $0.18 during trading hours on Friday, reaching $33.71. 397,744 shares of the company's stock were exchanged, compared to its average volume of 3,254,583. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The stock has a market capitalization of $18.15 billion, a P/E ratio of -55.27, a P/E/G ratio of 0.56 and a beta of 1.06. The business has a fifty day moving average price of $34.53 and a 200-day moving average price of $32.53. 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 issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates 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 period in the previous year, the company earned $1.13 earnings per share. Analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Corebridge Financial's payout ratio is -157.38%.

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.