UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Decreases Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• UBS Asset Management reduced its stake in Corebridge Financial by 17.3%, now holding approximately 1.37 million shares valued at about $43.3 million.
• Several institutional investors increased their positions, with Goldman Sachs boosting its stake by nearly 230%, owning over 1.3 million shares worth $41 million.
• The company announced a quarterly dividend of $0.24 per share, representing a 2.9% yield, despite a negative dividend payout ratio of -157.38%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 17.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,372,966 shares of the company's stock after selling 286,863 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.25% of Corebridge Financial worth $43,345,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new stake in Corebridge Financial in the fourth quarter valued at $30,000. Brooklyn Investment Group boosted its stake in Corebridge Financial by 66.7% in the first 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 last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in Corebridge Financial by 80.2% in the fourth 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 last quarter. Golden State Wealth Management LLC bought a new stake in shares of Corebridge Financial in the first quarter valued at approximately $75,000. Finally, SVB Wealth LLC bought a new stake in shares of Corebridge Financial in the first quarter valued at approximately $85,000. Institutional investors own 98.25% of the company's stock.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the transaction, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

NYSE:CRBG traded up $0.22 during trading hours on Friday, hitting $32.75. 7,185,561 shares of the stock traded hands, compared to its average volume of 2,915,387. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a market cap of $17.63 billion, a price-to-earnings ratio of -53.68, a price-to-earnings-growth ratio of 0.54 and a beta of 1.06. The stock has a 50 day moving average price of $34.22 and a 200 day moving average price of $32.49.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter last year, the business posted $1.13 earnings per share. Sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's dividend payout ratio is -157.38%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CRBG shares. Morgan Stanley upped their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. raised their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen upgraded shares of 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 issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

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.