Ameriprise Financial Inc. Sells 33,501 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Ameriprise Financial Inc. lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,929 shares of the company's stock after selling 33,501 shares during the quarter. Ameriprise Financial Inc.'s holdings in Corebridge Financial were worth $3,081,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. New York Life Investment Management LLC bought a new stake in shares of Corebridge Financial in the fourth quarter worth about $781,000. Raymond James Financial Inc. bought a new position in Corebridge Financial in the fourth quarter valued at approximately $31,844,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Corebridge Financial by 4.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,261 shares of the company's stock worth $15,093,000 after acquiring an additional 20,783 shares in the last quarter. Barclays PLC lifted its position in Corebridge Financial by 20.0% in the 3rd quarter. Barclays PLC now owns 358,035 shares of the company's stock valued at $10,441,000 after acquiring an additional 59,702 shares in the last quarter. Finally, KBC Group NV increased its holdings in Corebridge Financial by 77.9% during the 4th quarter. KBC Group NV now owns 1,222,448 shares of the company's stock worth $36,588,000 after purchasing an additional 535,323 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded up $0.34 during trading on Thursday, hitting $32.67. 4,029,957 shares of the company were exchanged, compared to its average volume of 3,408,300. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36. The company has a market capitalization of $17.96 billion, a P/E ratio of 8.64, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. 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 business's 50 day moving average is $30.15 and its 200-day moving average is $31.20.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the company posted $1.10 EPS. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current 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 annualized dividend and a dividend yield of 2.94%. Corebridge Financial's dividend payout ratio is 81.36%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRBG. Wells Fargo & Company lifted their target price on Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Wall Street Zen cut shares of Corebridge Financial from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. UBS Group downgraded shares of Corebridge Financial from a "buy" rating to a "sell" rating and lowered their target price for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Finally, Morgan Stanley lifted their price objective on shares of Corebridge Financial from $32.00 to $37.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

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.