Arbiter Partners Capital Management LLC lowered its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 13.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 233,655 shares of the company's stock after selling 36,400 shares during the quarter. Corebridge Financial comprises about 3.2% of Arbiter Partners Capital Management LLC's holdings, making the stock its 4th biggest holding. Arbiter Partners Capital Management LLC owned approximately 0.05% of Corebridge Financial worth $5,575,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. State of Michigan Retirement System purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $2,130,000. Yousif Capital Management LLC increased its holdings in shares of Corebridge Financial by 873.3% in the 4th quarter. Yousif Capital Management LLC now owns 88,066 shares of the company's stock valued at $2,591,000 after acquiring an additional 79,018 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in Corebridge Financial in the fourth quarter valued at approximately $5,358,000. Retirement Systems of Alabama grew its position in shares of Corebridge Financial by 241.4% in the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company's stock valued at $13,690,000 after buying an additional 320,851 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Corebridge Financial by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock worth $818,906,000 after purchasing an additional 311,133 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CRBG has been the topic of a number of recent research reports. UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. dropped their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a report on Tuesday, May 12th. Jefferies Financial Group increased their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Barclays raised their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average target price of $36.50.
Check Out Our Latest Research Report on CRBG
Insiders Place Their Bets
In related news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the sale, the insider directly owned 128,153 shares in the company, valued at $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by insiders.
Corebridge Financial Stock Performance
NYSE:CRBG opened at $31.47 on Wednesday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of 57.21, a PEG ratio of 0.38 and a beta of 1.10. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm's fifty day simple moving average is $28.66 and its 200 day simple moving average is $27.90.
Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.08 billion for the quarter, compared to analysts' expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period last year, the firm earned $1.16 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.63 earnings per share for the current fiscal year.
Corebridge Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.2%. Corebridge Financial's payout ratio is presently 181.82%.
About Corebridge Financial
(
Free Report)
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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