Corebridge Financial, Inc. $CRBG Stake Lessened by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. drastically cut its stake in Corebridge Financial by 62.7%, selling nearly 895,000 shares during the first quarter, leaving it with about 532,000 shares valued at approximately $16.8 million.
• Corebridge Financial's stock price has been revised by multiple analysts, with target prices increasing to an average of $40.70, reflecting a “Moderate Buy” consensus rating.
• The company has declared a $0.24 quarterly dividend, equating to an annualized yield of 2.9%, though it currently has a negative dividend payout ratio of -157.38%.

Alyeska Investment Group L.P. decreased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 62.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 531,941 shares of the company's stock after selling 894,922 shares during the period. Alyeska Investment Group L.P. owned approximately 0.10% of Corebridge Financial worth $16,793,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after buying an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after acquiring an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. boosted its position in Corebridge Financial by 1,178.9% during the 1st quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after acquiring an additional 23,401 shares during the period. Truist Financial Corp grew its stake in shares of Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of Corebridge Financial during the first quarter valued at $832,000. Institutional investors own 98.25% of the company's stock.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction dated 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 directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.29% of the company's stock.

Corebridge Financial Price Performance

Shares of CRBG traded up $0.04 during trading hours on Friday, hitting $33.66. 6,886,965 shares of the company were exchanged, compared to its average volume of 3,553,999. 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 company has a market capitalization of $18.12 billion, a PE ratio of 6.57, a PEG ratio of 0.56 and a beta of 1.06. The firm has a fifty day simple moving average of $34.68 and a 200-day simple moving average of $32.51. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the firm earned $1.13 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several research analyst reports. 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 report on Friday, June 27th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Barclays decreased their price objective on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Friday. UBS Group raised 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 report on Friday, July 11th. Finally, Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average 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.