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. cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 55.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,955 shares of the company's stock after selling 232,854 shares during the quarter. Capital Fund Management S.A.'s holdings in Corebridge Financial were worth $5,902,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial in the fourth quarter valued at about $30,000. Brooklyn Investment Group increased its holdings in shares of Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after purchasing an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after purchasing an additional 748 shares during the period. Quarry LP acquired a new position in shares of Corebridge Financial in the fourth quarter valued at about $63,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Corebridge Financial in the first quarter valued at about $75,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CRBG shares. BMO Capital Markets increased their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company 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 report on Saturday, August 2nd. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $40.70.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.05 during midday trading on Wednesday, reaching $35.03. The company had a trading volume of 1,146,827 shares, compared to its average volume of 3,292,186. The company has a market capitalization of $18.86 billion, a P/E ratio of -57.39, a P/E/G ratio of 0.58 and a beta of 1.06. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The firm's fifty day simple moving average is $34.54 and its 200-day simple moving average is $32.43. 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 (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates 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 company posted $1.13 EPS. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

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. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the 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 sale, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.