Corebridge Financial, Inc. $CRBG Shares Sold by Basswood Capital Management L.L.C.

Key Points

• Basswood Capital Management cut its Corebridge Financial stake by 83.3% in the fourth quarter, selling 337,301 shares and leaving it with 67,537 shares worth about $2.0 million.
• Corebridge reported Q1 earnings of $1.05 per share, missing estimates, while revenue of $4.09 billion also came in below expectations. Analysts currently expect the company to earn 4.81 EPS for the full fiscal year.
• The company declared a quarterly dividend of $0.25 per share, or $1.00 annually, for a yield of about 3.5%. Meanwhile, analysts maintain a Moderate Buy consensus with an average price target of $35.17.

Basswood Capital Management L.L.C. lowered its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 83.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,537 shares of the company's stock after selling 337,301 shares during the quarter. Basswood Capital Management L.L.C.'s holdings in Corebridge Financial were worth $2,038,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Bank of Nova Scotia increased its stake in shares of Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock valued at $331,000 after purchasing an additional 340 shares during the period. Severin Investments LLC increased its stake in shares of Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company's stock valued at $794,000 after purchasing an additional 350 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock valued at $27,000 after acquiring an additional 377 shares during the period. Integrated Wealth Concepts LLC increased its stake in shares of Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock valued at $494,000 after acquiring an additional 383 shares during the period. Finally, True Wealth Design LLC increased its stake in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after acquiring an additional 412 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $28.78 on Friday. The stock has a market capitalization of $13.14 billion, a P/E ratio of 52.32, a P/E/G ratio of 0.32 and a beta of 1.14. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The business's fifty day moving average is $26.64 and its two-hundred day moving average is $28.03. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the prior year, the company posted $1.16 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial's payout ratio is presently 181.82%.

Analyst Ratings Changes

A number of research firms recently commented on CRBG. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 3rd. Mizuho raised their price objective on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. Weiss Ratings lowered shares of Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, May 26th. Bank of America lowered their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, April 14th. Finally, Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.17.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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