Canada Pension Plan Investment Board Lowers Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Corebridge Financial by 2.7%, selling 138,901 shares and owning approximately 4.91 million shares worth $155.09 million at the end of the last quarter.
• Major shareholder International Group American sold 30 million shares for a total of $1.01 billion, representing a 26.34% decrease in their ownership.
• Corebridge Financial's recent analysts' upgrades resulted in price targets increasing from $37.00 to $45.00, with an average target price now at $40.70 and a consensus rating of "Moderate Buy."

Canada Pension Plan Investment Board cut its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,912,586 shares of the company's stock after selling 138,901 shares during the quarter. Canada Pension Plan Investment Board owned about 0.89% of Corebridge Financial worth $155,090,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CRBG. Sunbelt Securities Inc. purchased a new position in shares of Corebridge Financial in the 4th quarter valued at $30,000. Brooklyn Investment Group increased its holdings in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after acquiring an additional 748 shares during the period. Quarry LP purchased a new position in shares of Corebridge Financial in the 4th quarter valued at $63,000. Finally, Golden State Wealth Management LLC purchased a new position in Corebridge Financial during the 1st quarter worth $75,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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 dated 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 sale, the insider owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by insiders.

Corebridge Financial Stock Performance

Corebridge Financial stock traded down $0.38 during trading hours on Tuesday, hitting $34.39. 3,702,070 shares of the stock traded hands, compared to its average volume of 3,280,220. 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 firm's 50 day moving average price is $34.71 and its 200-day moving average price is $32.49. The stock has a market capitalization of $18.52 billion, a price-to-earnings ratio of -56.38, a P/E/G ratio of 0.59 and a beta of 1.06. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

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, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same quarter in the previous year, the business earned $1.13 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.24 dividend. 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 dividend payout ratio is presently -157.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRBG. 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 research note on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Piper Sandler boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. 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 research note on Friday, July 11th. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

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.