Corebridge Financial, Inc. $CRBG Shares Sold by Capital Fund Management S.A.

Key Points

• Capital Fund Management S.A. reduced its holdings in Corebridge Financial by 55.5%, now owning 186,955 shares after selling 232,854 shares in Q1, valued at approximately $5.9 million.
• Major shareholder International Group American sold 30 million shares for a total of $1.01 billion, decreasing its ownership by 26.34% and retaining 83.9 million shares valued at around $2.82 billion.
• Corebridge Financial reported earnings of $1.36 per share, surpassing estimates, and announced a quarterly $0.24 dividend, reflecting a 2.7% annual yield despite a payout ratio of -157.38%.

Capital Fund Management S.A. lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 55.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 186,955 shares of the company's stock after selling 232,854 shares during the period. Capital Fund Management S.A.'s holdings in Corebridge Financial were worth $5,902,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CRBG. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after acquiring an additional 324,692 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after buying an additional 372,270 shares during the last quarter. AQR Capital Management LLC grew its holdings in Corebridge Financial by 10.5% during the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock valued at $166,314,000 after purchasing an additional 527,376 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Corebridge Financial by 34.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after acquiring an additional 1,235,796 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction 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. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CRBG shares. Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Barclays lifted their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Morgan Stanley boosted their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $40.70.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $0.02 during mid-day trading on Thursday, hitting $34.99. The stock had a trading volume of 410,687 shares, compared to its average volume of 3,280,443. The company's 50-day simple moving average is $34.58 and its 200-day simple moving average is $32.45. 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 firm has a market cap of $18.84 billion, a PE ratio of -57.36, a PEG ratio of 0.59 and a beta of 1.06. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period last year, the firm posted $1.13 EPS. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is -157.38%.

About Corebridge Financial

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.