Corebridge Financial, Inc. $CRBG Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services trimmed its stake in Corebridge by 9.9%, selling 811,172 shares and now holds 7,349,746 shares (~1.41% of the company, valued at $221.7M); institutional investors own about 98.25% of the stock.
• Corebridge beat estimates with $1.22 EPS (vs. $1.11 expected) and revenue of $6.34B, but the company still shows a negative net margin and a negative P/E despite a positive return on equity.
• The company raised its quarterly dividend to $0.25 (annualized $1.00, ~4.1% yield), and Wall Street has a consensus rating of "Moderate Buy" with an average price target of $35.55 versus the recent share price near $24.43.

Massachusetts Financial Services Co. MA cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 9.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,349,746 shares of the company's stock after selling 811,172 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.41% of Corebridge Financial worth $221,742,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Bank of Nova Scotia increased its position in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock valued at $331,000 after acquiring an additional 340 shares during the last quarter. Severin Investments LLC increased its position in shares of Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company's stock valued at $794,000 after acquiring an additional 350 shares during the last quarter. Smartleaf Asset Management LLC increased its position 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 last quarter. Integrated Wealth Concepts LLC increased its position 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 last quarter. Finally, True Wealth Design LLC increased its position 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 last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of CRBG opened at $24.43 on Monday. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The firm's 50 day moving average price is $26.48 and its 200 day moving average price is $29.25. The company has a market cap of $11.77 billion, a P/E ratio of -46.08, a PEG ratio of 0.39 and a beta of 1.12. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to analysts' expectations of $5.02 billion. During the same quarter in the previous year, the business posted $1.06 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's payout ratio is currently -188.68%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRBG. UBS Group dropped their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Thursday, January 8th. Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Piper Sandler raised shares of Corebridge Financial to a "strong-buy" rating in a research note on Thursday, April 2nd. Finally, Wells Fargo & Company cut their target price on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating on the stock in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $35.55.

Corebridge Financial Profile

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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