Bank of America Corp DE Lowers Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Bank of America reduced its Corebridge Financial stake by 24.6% in the first quarter, selling 410,800 shares and retaining 1.26 million shares valued at approximately $30.1 million. Institutional investors collectively own 98.25% of the company.
• Analyst sentiment remains favorable, with nine Buy ratings and six Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $37.17. Corebridge recently exceeded quarterly EPS estimates, reporting $1.12 versus the $1.08 consensus.
• Corebridge announced a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield. The stock opened at $34.48, near its 52-week high of $35.22.

Bank of America Corp DE cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,261,954 shares of the company's stock after selling 410,800 shares during the period. Bank of America Corp DE owned 0.28% of Corebridge Financial worth $30,110,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Salomon & Ludwin LLC grew its holdings in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC lifted its holdings in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after acquiring an additional 520 shares during the period. Clearstead Advisors LLC boosted its position in shares of Corebridge Financial by 143.7% in the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company's stock worth $50,000 after acquiring an additional 983 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Corebridge Financial by 98.8% in the fourth quarter. IFP Advisors Inc now owns 1,797 shares of the company's stock worth $54,000 after acquiring an additional 893 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in Corebridge Financial by 35.0% in the fourth quarter. Assetmark Inc. now owns 1,877 shares of the company's stock valued at $57,000 after purchasing an additional 487 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insiders Place Their Bets

In related news, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the sale, the insider directly owned 111,153 shares of the company's stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company's stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Piper Sandler upped their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday. Jefferies Financial Group increased their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, UBS Group lifted their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $37.17.

Corebridge Financial Price Performance

CRBG stock opened at $34.48 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.22. The firm has a market cap of $15.37 billion, a P/E ratio of 20.16, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The stock has a 50-day simple moving average of $30.66 and a 200-day simple moving average of $28.20.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period in the previous year, the company posted $1.36 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio is 58.48%.

Corebridge Financial Company Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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