Corebridge Financial, Inc. $CRBG Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. drastically reduced its stake in Corebridge Financial by 76.2%, leaving it with 210,370 shares valued at approximately $6.64 million.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, marking a 2.8% yield, despite having a negative payout ratio of -157.38%.
• Analysts have a consensus rating of "Moderate Buy" for Corebridge Financial, with a target price of $40.70 following several recent upgrades by major brokerages.

Citigroup Inc. trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 76.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 210,370 shares of the company's stock after selling 674,191 shares during the quarter. Citigroup Inc.'s holdings in Corebridge Financial were worth $6,641,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. purchased a new stake in Corebridge Financial during the fourth quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after purchasing an additional 748 shares during the last quarter. Quarry LP purchased a new stake in Corebridge Financial during the fourth quarter worth approximately $63,000. Golden State Wealth Management LLC acquired a new position in Corebridge Financial during the first quarter worth approximately $75,000. Finally, Headlands Technologies LLC acquired a new position in Corebridge Financial during the first quarter worth approximately $156,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on CRBG shares. Wells Fargo & Company lifted their price target on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. BMO Capital Markets boosted their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Barclays boosted their target price on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Finally, UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their target price for the company from $28.00 to $37.00 in a report on Friday, July 11th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.70.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Price Performance

CRBG traded up $0.8950 during trading on Friday, reaching $35.0050. 657,764 shares of the stock were exchanged, compared to its average volume of 3,309,907. 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 business's 50 day moving average price is $34.37 and its two-hundred day moving average price is $32.40. The company has a market capitalization of $18.85 billion, a price-to-earnings ratio of -57.40, a P/E/G ratio of 0.58 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the business earned $1.13 earnings per share. As a group, equities research 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is currently -157.38%.

Corebridge Financial 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.