Corebridge Financial, Inc. $CRBG Position Reduced by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

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 1st quarter, according to its most recent Form 13F filing with the 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 approximately 0.25% of Corebridge Financial worth $43,345,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Woodline Partners LP purchased a new position in Corebridge Financial during the 1st quarter worth approximately $4,908,000. Meiji Yasuda Life Insurance Co bought a new stake in Corebridge Financial in the first quarter worth $373,000. Goldman Sachs Group Inc. boosted its holdings in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock worth $41,042,000 after purchasing an additional 905,918 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Corebridge Financial during the first quarter valued at about $1,257,000. Finally, EJF Capital LLC boosted its holdings in Corebridge Financial by 20.7% during the first quarter. EJF Capital LLC now owns 30,187 shares of the company's stock valued at $953,000 after acquiring an additional 5,187 shares during the period. Institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. BMO Capital Markets upped their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. increased their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Barclays decreased their price target on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Friday, September 5th. Finally, Piper Sandler increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $40.80.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were 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 owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Corebridge Financial Trading Down 1.5%

Shares of NYSE:CRBG opened at $33.36 on Monday. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The company's fifty day simple moving average is $34.48 and its 200 day simple moving average is $32.52. The firm has a market cap of $17.96 billion, a price-to-earnings ratio of -54.68, a PEG ratio of 0.56 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business posted $1.13 earnings per share. As a group, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given 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 (DPR) is -157.38%.

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.

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