Alyeska Investment Group L.P. Trims Holdings in Corebridge Financial, Inc. $CRBG

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. cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 62.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 0.10% of Corebridge Financial worth $16,793,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $30,000. Brooklyn Investment Group increased its holdings in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after purchasing an additional 581 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Corebridge Financial by 80.2% during 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 position in shares of Corebridge Financial during the first quarter valued at $75,000. Finally, SVB Wealth LLC bought a new position in shares of Corebridge Financial during the first quarter valued at $85,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,184,160 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This represents a 1.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Price Performance

CRBG stock traded down $0.18 during midday trading on Wednesday, reaching $33.22. The company had a trading volume of 512,169 shares, compared to its average volume of 3,268,775. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a market capitalization of $17.89 billion, a P/E ratio of -54.43, a P/E/G ratio of 0.56 and a beta of 1.06. The firm has a 50-day moving average price of $34.61 and a 200-day moving average price of $32.51.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter in the prior year, the company earned $1.13 EPS. On average, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CRBG shares. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Barclays lowered their price objective on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating on the stock in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. lifted their price objective 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. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus price target 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.