Corebridge Financial, Inc. $CRBG Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Corebridge Financial by 27.8%, selling 181,697 shares and holding a total of 472,099 shares valued at approximately $16.76 million after the sale.
• Corebridge Financial reported $1.36 earnings per share in its latest earnings release, exceeding analyst expectations of $1.15, while also announcing a quarterly dividend of $0.24 with a yield of 3.0%.
• Analysts maintain a consensus rating of "Moderate Buy" on Corebridge Financial, with target prices ranging from $38.00 to $42.00, indicating positive outlook on the company's performance.

Allianz Asset Management GmbH lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 27.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 472,099 shares of the company's stock after selling 181,697 shares during the quarter. Allianz Asset Management GmbH owned about 0.09% of Corebridge Financial worth $16,760,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. TD Asset Management Inc grew its holdings in Corebridge Financial by 117.8% during the 2nd quarter. TD Asset Management Inc now owns 61,250 shares of the company's stock valued at $2,174,000 after buying an additional 33,127 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Corebridge Financial by 7.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 24,862 shares of the company's stock valued at $883,000 after buying an additional 1,782 shares during the last quarter. Pzena Investment Management LLC grew its holdings in Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company's stock valued at $664,691,000 after buying an additional 10,673,099 shares during the last quarter. 3Chopt Investment Partners LLC grew its holdings in Corebridge Financial by 7.2% during the 2nd quarter. 3Chopt Investment Partners LLC now owns 9,883 shares of the company's stock valued at $351,000 after buying an additional 663 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company's stock valued at $26,000 after buying an additional 673 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG stock opened at $31.75 on Tuesday. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The stock's fifty day simple moving average is $33.17 and its 200-day simple moving average is $32.59. 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 stock has a market capitalization of $17.10 billion, a price-to-earnings ratio of -52.05, a price-to-earnings-growth ratio of 0.48 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates 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 period last year, the company posted $1.13 EPS. Equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is -157.38%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRBG shares. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Corebridge Financial in a report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their price objective on Corebridge Financial from $42.00 to $41.00 and set an "outperform" rating on the stock in a report on Thursday, October 9th. Morgan Stanley decreased their price objective on Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating on the stock in a report on Tuesday, October 7th. Finally, Evercore ISI decreased their price objective on Corebridge Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a report on Thursday, October 9th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.91.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on 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 transaction, the insider directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

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.

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