B. Metzler seel. Sohn & Co. AG Sells 85,000 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• B. Metzler seel. Sohn & Co. AG reduced its stake in Corebridge Financial by 39.2%, selling 85,000 shares and now holding a total of 131,741 shares valued at $4.16 million.
• Major shareholder International Group American sold 30 million shares of Corebridge Financial at an average price of $33.65, resulting in a total sale value of over $1 billion.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, representing a 2.7% yield, with a dividend payout ratio currently at -157.38%.

B. Metzler seel. Sohn & Co. AG reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 39.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 131,741 shares of the company's stock after selling 85,000 shares during the quarter. B. Metzler seel. Sohn & Co. AG's holdings in Corebridge Financial were worth $4,159,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake 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 purchasing an additional 324,692 shares during the period. Pzena Investment Management LLC grew its stake 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 purchasing an additional 3,412,147 shares during the period. Dimensional Fund Advisors LP grew its stake 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 purchasing an additional 372,270 shares during the period. Jacobs Levy Equity Management Inc. grew its stake 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 purchasing an additional 1,235,796 shares during the period. Finally, LSV Asset Management grew its stake in shares of Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after purchasing an additional 1,470,812 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corebridge Financial 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 value 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. This represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.29% of the stock is owned by insiders.

Corebridge Financial Trading Up 0.1%

CRBG stock opened at $35.01 on Thursday. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $18.85 billion, a price-to-earnings ratio of -57.39, a PEG ratio of 0.59 and a beta of 1.06. The business has a 50 day simple moving average of $34.58 and a two-hundred day simple moving average of $32.45.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the company posted $1.13 EPS. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared 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. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is presently -157.38%.

Analyst Ratings Changes

CRBG has been the subject of a number of recent research reports. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Keefe, Bruyette & Woods boosted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Barclays boosted their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Wells Fargo & Company boosted their price objective on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.70.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.