Corebridge Financial, Inc. $CRBG Shares Sold by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. significantly reduced its stake in Corebridge Financial by 90.6% in Q2, leaving them with just 1,184 shares valued at $42,000.
• Multiple institutional investors have made substantial changes to their positions, with Farther Finance Advisors LLC increasing its stake by 463.4% in the same quarter, indicating a dynamic investment landscape for Corebridge Financial.
• Wells Fargo upgraded Corebridge Financial's target price from $42.00 to $44.00, highlighting the stock's positive outlook despite mixed performances and various analyst ratings.

Mirae Asset Global Investments Co. Ltd. trimmed its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 90.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,184 shares of the company's stock after selling 11,445 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Corebridge Financial were worth $42,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group boosted its position in shares of Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Corebridge Financial in the 1st quarter valued at about $75,000. SVB Wealth LLC purchased a new stake in Corebridge Financial during the 1st quarter valued at approximately $85,000. Farther Finance Advisors LLC raised its stake in Corebridge Financial by 463.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company's stock valued at $90,000 after acquiring an additional 2,076 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Corebridge Financial during the 1st quarter valued at approximately $156,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial 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 transaction, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade 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 can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CRBG. Wells Fargo & Company increased their target price on Corebridge Financial from $42.00 to $44.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 8th. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price target for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Morgan Stanley lowered their price target on Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating on the stock in a report on Tuesday, October 7th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. increased 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. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average target price of $39.91.

Corebridge Financial Trading Down 2.8%

Shares of Corebridge Financial stock opened at $31.29 on Monday. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The firm has a market cap of $16.85 billion, a PE ratio of -51.29, a P/E/G ratio of 0.55 and a beta of 1.02. The business's fifty day moving average is $33.44 and its two-hundred day moving average is $32.53. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

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, topping analysts' consensus estimates 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 company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the company posted $1.13 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was 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.

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